论文部分内容阅读
本文认为 ,制度创新可以分为一般性创新和超常规创新。以政府为创新推动力 ,进行自上而下的 ,使市场出现跳跃式演变的制度创新 ,就是超常规创新。新兴证券市场的发展是市场内生性与超常规创新的内在统一。证券市场超常规创新的目的在于市场效率的提高。文章通过实证分析表明 ,目前我国证券市场效率低下 ,需要以提高效率为导向的超常规创新 ,以适应我国经济改革与发展的需要。超常规创新的内容包括 :1 建立多层次的资本体系 ;2 优化机构投资者 ;3 全面提高上市公司素质 ;4 积极进行金融品种创新 ;5 进一步推进证券市场的国际化。文章还提出了创新中应注意的若干问题
This paper argues that institutional innovation can be divided into general innovation and unconventional innovation. With the government as the driving force for innovation and the top-down institutional innovation that has brought the market to a leapfrog evolution, it is unconventional innovation. The development of the emerging securities market is the inherent unity of market endogeneity and unconventional innovation. The purpose of unconventional innovation in the securities market lies in the improvement of market efficiency. Through empirical analysis, the article shows that at present the stock market in our country is inefficient and needs to be supernormally updated with efficiency-oriented to meet the needs of China’s economic reform and development. The contents of unconventional innovation include: 1. Establishing a multi-level capital system; 2. Optimizing institutional investors; 3. Improving the quality of listed companies in an all-round way; 4. Actively innovating financial varieties; and 5. Further promoting the internationalization of the securities market. The article also put forward some problems that should be noticed in the innovation