我国证券市场政策的一致性分析

针对目前我国证券市场风险控制与国有企业改制而引起的市场扩容两大政策目标,本文建立其相应的政策模型,应用动态博弈方法证明,在完全信息下,兼顾两大政策目标必然导致政府证券市场政策的动态不一致。分析了政府由此可能面临的局面。最后,讨论了解决问题的可能措施。

The Analysis of Consistency about the Policy of Chinese Securities Market

In this paper,the policy model corresponding to the two policy objectives of market expansion led by reformed State-owned enterprises and risk control of securities market has been constructed.With dynamic game theory,it is proved that under the condition of complete information if attention is given to the two policy objectives at the same time,it will inevitably result in the dynamic inconsistency of the Government’s securities market policies.The situation that the Government might face with and the measures to solve these problems are discussed.