本文關(guān)鍵詞： 制度演變 自發(fā)需求 政府推動(dòng)　出處：《企業(yè)經(jīng)濟(jì)》2014年06期 　論文類型：期刊論文

【摘要】：西方證券市場(chǎng)經(jīng)歷了自發(fā)演變過(guò)程,投資者內(nèi)生的投資需求和交易需求催生了證券市場(chǎng)制度的演化,其動(dòng)力機(jī)制是投資者通過(guò)金融市場(chǎng)的股權(quán)投資實(shí)現(xiàn)收益最大化,市場(chǎng)效用函數(shù)的基本變量是索取股權(quán)溢價(jià)。中國(guó)證券市場(chǎng)的演變是在政府主導(dǎo)企業(yè)改革這一特定背景下進(jìn)行的,其演變歷程與政府經(jīng)濟(jì)改革的需求相適應(yīng),動(dòng)力機(jī)制不是來(lái)源于市場(chǎng)本身,而是政府推動(dòng)。中西證券市場(chǎng)不同的演變歷程及運(yùn)行機(jī)制為我國(guó)證券市場(chǎng)改革與發(fā)展方向提供了路徑選擇。
[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.
【作者單位】： 洛陽(yáng)師范學(xué)院商學(xué)院;
【分類號(hào)】：F830.91

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本文編號(hào)：1498013