摘要
中国资本市场经过20多年的发展,其外部环境和内部结构已经发生了重大变化。金融危机之后,中国经济取得了较好的恢复和增长,然而,作为中国经济晴雨表的中国资本市场却与实体经济呈现出了较长时间的背离。这种背离不得不让我们思考:中国资本市场在制度和规则层面上究竟出了什么问题?本文试图从股票发行、上市与交易、并购与重组、市场增持(减持)与回购、股权激励与员工持股、上市公司再融资、信息披露、退市机制八个方面对中国资本市场的制度设计和规则体系作全面系统的审视和分析,并在此基础上提出一系列改革建议。
With over 20 years development of China＇s capital market, its external environment and internal structure has undergone great changes. Although China＇s economy has achieved good recovery and growth after the financial crisis, China＇s capital market, which is considered as a barometer of the China＇s economy, has revealed a departure from the real economy for a long time. This kind of departure leads us to consider, what the problem is with the system and rules in China＇s capital market. This paper attempts to conduct a comprehensive reexamination and analysis of the institutions design and rule system from eight aspects of China＇s capital market, which includes the stock issuance, listing and trading, merger and reorganization, increasing or reducing share holdings and share repurchase, equity incentive and employee shareholdings, refinancing of the listed companies, information disclosure, and the mechanism of delisting from the market. Based on the above analysis, we put forward a series of reform proposals.
出处
《财贸经济》
CSSCI
北大核心
2013年第1期14-27,共14页
Finance & Trade Economics
关键词
资本市场
制度变革
规则调整
Capital Market, System Transformation, Rule Adjustment
