中国证券市场超常规创新的理性思考

本文认为 ,制度创新可以分为一般性创新和超常规创新。以政府为创新推动力 ,进行自上而下的 ,使市场出现跳跃式演变的制度创新 ,就是超常规创新。新兴证券市场的发展是市场内生性与超常规创新的内在统一。证券市场超常规创新的目的在于市场效率的提高。文章通过实证分析表明 ,目前我国证券市场效率低下 ,需要以提高效率为导向的超常规创新 ,以适应我国经济改革与发展的需要。超常规创新的内容包括 :1 建立多层次的资本体系 ;2 优化机构投资者 ;3 全面提高上市公司素质 ;4 积极进行金融品种创新 ;5 进一步推进证券市场的国际化。文章还提出了创新中应注意的若干问题

Rational Considerations on the Extraordinary Innovations on the Stock Market in China

Institutional innovations are divided into two categories: the general and the extraordinary. By the latter we mean those that come from above, are initiated by the government and bring about development by leaps and bounds. The development of the newly emerging stock market is an intrinsic unity of endogenous and extraordinary innovations. The extraordinary innovations on the stock market are intended to increase market efficiency. Based on an empirical analysis the author suggests that the Chinese stock market is currently inefficient and needs efficiency oriented extraordinary innovations, which consist of the following: 1. Setting up a multi tiered capital system; 2. Optimizing institutional investors; 3. Improving listed companies; 4. Adding new monetary varieties; and 5. Accelerating the internationalization of the stock market.