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沪深两所成立后,我国股票市场在政府的强力介入下经历了第一次成长机制转换与路径变迁,由自发演进下的内生成长状态转入了政府推动下的强外生成长状态;这次路径变迁带来了股市规模的迅速扩大。但是,时至今日,单纯依赖政府推动的发展模式致使市场效率提升严重滞后于规模扩大,且这种外生机制主导的股市成长模式暴露出难以跨越的障碍。笔者认为,提高股市效率、推动市场进一步走向成熟,有赖于再次实现成长机制的转换,即重新回归到外生机制与内生机制作用对比更为适度的股票市场发展道路上来;而要做到这一点,必须走市场化的制度创新之路。
After the founding of Shanghai and Shenzhen, the stock market of our country underwent the first transition of growth mechanism and path under the government intervention. The state of endogenous growth under the spontaneous evolution was transformed into the state of strong exogenous growth driven by the government. This path change has brought the rapid expansion of the stock market size. However, to date, relying solely on the government-driven development model has caused the market efficiency to lag far behind the expansion of its scale. This kind of exogenous mechanism-led growth model of the stock market has exposed an insurmountable obstacle. The author believes that to improve the efficiency of the stock market and promote the market to mature further depends on the realization of the transformation of growth mechanism once again, that is, return to the extrinsic mechanism and endogenous mechanisms more modest role in the development of the stock market up; and to do this That is, we must take the marketization of institutional innovation.