摘要
股市作为一种融资制度是经济发展到一定阶段的产物。股市制度通过改变市场参与者的选择空间及其行为影响股票估值水平、市场预期、市场资金供给等,进而导致股市波动。我国股市发展时间较短,还处于成长阶段,存在一系列制度缺陷(如分红制度、发行制度、退市制度、交易制度以及监管制度等)。制度缺陷导致上市公司、投资者和中介机构行为的异化,制约股市投资功能的顺利发挥,使股市偏离良性发展的轨道。因此,必须尽快推进我国股市制度创新,推行强制分红制度,完善发行、退市、交易以及监管等制度安排,为我国股市的可持续发展提供重要的制度保障。
As a financing institution, the stock market is evolving along with economic development. Stock market institu- tion affect stock valuation, market＇s expectations and the supply of funds in the market by changing the optional space of market participants and their behavior, which lead to fluctuations in the stock market. Because China＇s market is still in the develop- ment stage, it has a series of deficiencies which causes listed companies, investors and intermediaries behavior is not normal, and thus interfere with the play of the stock market investment function, and result in the stock market deviate from the track of healthy development. Therefore, regulators must promote innovation in China＇s stock market institution as quickly as possible, implementing the compulsory dividend institution, improving issuance institution, delisting institution, trading institution, as well as the regulatory regime, and provide an important institutional guarantee for the sustainable development of China＇s stock market.
出处
《中国经济问题》
CSSCI
北大核心
2013年第2期91-100,共10页
China Economic Studies
关键词
制度
股市制度
制度变迁
行为异化
股市波动
institution
stock market institution
institutional change
acts of alienation
stock market fluctuation
