构建以市场透明度为核心的资本市场秩序

建立在资本市场基础上的现代金融体系,以其杠杆化的功能,已经成为或正在成为现代经济不断成长的强大推动器。因此,资本市场秩序的规范和建设也就必然成为整个市场秩序形成的核心环节和重要基础。资本市场秩序的核心是维护市场透明度。通过对市场透明度进行理论分析,可以发现,虚假陈述、内幕交易和操纵市场是造成资本市场秩序失衡的三大行为,因此,必须规范公司治理,建立尽责的中介机构,制定符合现代经济活动要求的会计准则,形成有效的监管体系,不断完善法律体系,从而完善资本市场秩序。

Constructing Capital Market Order with the Kernel of Market Transparence

Modern financial system, which is built up on the base of capital market, has become the powerful force driving modern economy through its leverage function. Therefore, the standardization and development of capital market order must be the core nexus and base of the whole market order. The kernel of capital market order is to maintain market transparence. After the theoretical analysis of market transparency, the article discusses the three ways to unbalance the capital market order and illustrates the five methods to consummate the capital market order.