自发秩序与我国证券市场效率分析

证券市场最基本的功能就是对资本资源的优化配置。由于我国证券市场还不够成熟与规范 ,证券市场在一定程度上形成了政府为了国企脱困而进行筹资的功能 ,使其内在市场效率低下。本文拟根据哈耶克的自发秩序理论 ,来说明在内部规则与外部规则的冲突与协调下 ,耦合秩序是如何达致市场效率的 ,进而说明在目前我国经济的转轨过程中 ,政府政策必须有“进”有“退” ,才能使证券市场真正成为一个优化配置资本资源的高效率市场

The Spontaneous Order and the Analyses of Stock Market Efficiency in China

The most basic function of the stock market is to optimize the distribution of capital resources. Because the stock market in China is at the period of transition from planned economy to market economy, its basic function is simplified to raise money for helping state-owned enterprises by Chinese government. It is obvious that the stock market in China is inefficient. This article, based on Hayek's principle of spontaneous order, illuminates how coupling order generates market efficiency in the process of conflicting and harmonizing between internal rules and external ones, and that the government policy should be flexible in the transitional period of our country. Thus our stock market will really be a very efficient one.