摘要
政府隐性担保机制是我国证券市场运行的基础,也是市场风险聚集的根源。这种隐性担保通过一系列制度性安排造成市场主体过于追求市场隐含的政策性租金而忽视对市场价值体系的培育与发现,造成市场事前筛选和事后监督机制失效,使投资者决策面临更加不稳定的环境,增加了市场的不确定性。
Government recessive guarantee system is the basis of China securities market and the root or market risk congregation. This system leads market corpus to pursue recessive policy rent and neglect the establishment and cultivation of market price system. It also leads to invalidation of ex ante market filtration and ex post supervision system. Thus, most investors must confront much more uncertainties and market indeterminacy.
出处
《财贸研究》
北大核心
2006年第6期60-68,共9页
Finance and Trade Research
关键词
隐性担保
政策租金
路径选择悖论
供求悖论
recessive guarantee
policy rents
paradox of routine selection
paradox of supply and demand
