不应忽视资本市场的基本制度建设

• 作 者: 宋立
• 出 处: 投资北京
• 发表日期: 2004年08期
• 关键词: 资本市场 制度建设 资本市场体系 柜台交易市场 创业板 企业债券市场 股票交易所 监管效率 市场风险 股价

实践证明,为保证股票交易所市场发展“秩序”而抑制柜台交易市场发展、为保持“主板”市场资金和股价“稳定”而推迟创业板推出的丢卒保车思维;担心可能产生市场风险而放慢市场的发展、担心监管效率和能力不足而人为控制或限制资本市场创新的因噎废食做法,等等,已经到了需要认真反思并坚决放弃的时候。我国资本市场发展的重心应当从以技术为主的微观层面转移到资本市场体系结构的健全与完善方面来,这既是处在十字路口的中国资本市场长期制度建设的必然要求,也是资本市场当前发展中面临的迫切任务。

Practice has proved that, in order to ensure that the stock exchange market development “order” and inhibit the development of counter trading market, in order to maintain the “main board” market funds and stock price “stability” and postponed ChiNext pawn car thinking; fear of possible market risk and slow down the market The fear of the lack of efficiency and capacity for regulatory oversight and the cumbersome practices that artificially control or limit innovation in the capital markets have come to a time when there is a need for serious reflection and a firm abandonment. The focus of the development of China’s capital market should shift from the technology-based micro level to the soundness and perfection of the capital market structure. This is not only the inevitable requirement for the long-term institutional construction of China’s capital market at the crossroads but also the current development of the capital market In the urgent task.