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中国经济的微观机制改革正在进行。从改革三方参与者(国有借方、私人借方和私人贷方)出发,分析中国转型期股市变迁的一般路径,并对股市变迁的绩效进行实证检验后,我们发现,虽然股市变迁改善国有借方的治理结构以及融资渠道,但是其异化的功能使股权结构畸形,从而影响上市公司的绩效;同时,股市发展通过影响储蓄率产生对金融中介的替代效应,从而也对经济增长的作用机制产生不良影响。因此目前的主要任务是不断减少国有股权的份额,增加私人借方的比重,从而促使股票市场进一步改革与发展。
The micro-mechanism reform of China’s economy is under way. Starting from the reform of the tripartite participants (state-owned debit, private debit and private lender) and analyzing the general path of the stock market transition in China and empirically testing the performance of the stock market, we find that while the stock market changes to improve the governance structure of state-owned debit As well as the financing channels. However, its alienation function deforms the ownership structure and thus affects the performance of listed companies. Meanwhile, the development of the stock market has an adverse effect on the mechanism of economic growth by affecting the savings rate and generating substitution effects on financial intermediaries. Therefore, the main task at present is to continuously reduce the share of state-owned shares and increase the proportion of private borrowers, so as to promote the further reform and development of the stock market.