中西证券市场演变动力机制比较——基于制度视角的研究

发布时间：2018-02-09 13:16

本文关键词： 制度演变自发需求政府推动　出处：《企业经济》2014年06期 　论文类型：期刊论文

【摘要】：西方证券市场经历了自发演变过程,投资者内生的投资需求和交易需求催生了证券市场制度的演化,其动力机制是投资者通过金融市场的股权投资实现收益最大化,市场效用函数的基本变量是索取股权溢价。中国证券市场的演变是在政府主导企业改革这一特定背景下进行的,其演变历程与政府经济改革的需求相适应,动力机制不是来源于市场本身,而是政府推动。中西证券市场不同的演变历程及运行机制为我国证券市场改革与发展方向提供了路径选择。
[Abstract]:The western securities market has experienced a spontaneous evolution process. The endogenous investment demand and trading demand of investors have given birth to the evolution of the securities market system. The motive mechanism is that the investors realize the maximum return through the equity investment in the financial market. The basic variable of the utility function of the market is asking for equity premium. The evolution of China's securities market is carried out under the specific background of government-led enterprise reform, and its evolution course is in line with the demand of government economic reform. The dynamic mechanism does not come from the market itself, but is promoted by the government. The different evolution process and operation mechanism of the Chinese and Western securities markets provide the path choice for the reform and development direction of China's securities market.
【作者单位】：洛阳师范学院商学院;
【分类号】：F830.91

【参考文献】