中国股市与经济运行背离的原因分析

本文从制度经济学的交易成本分析理论入手,对中国股市与经济运行严重背离现象进行分析,认为,投资者利益得不到保护是股市持续低迷的根本原因.监管者行为异化导致投资者在市场博弈中处于劣势地位;现有的股市制度体系很难体现“三公原则”,已不适应市场的发展.现阶段,要保护投资利益就必须建立投资者利益至上的制度体系,规范监管者行为,并建立良好的股市文化.

Analyzing Why Chinese Stock Market Diverges the Economic Operation

This article,starting from transaction cost theory of the institutional economics,tries to give an analysis of the serious divergence of Chinese stock market and the economic operation and concludes that the root cause of the stock market downturn is that the interests of investors can not be protected.The alienated behavior of the regulators has led to the disadvantageous position of the investors in the market game.And the stock market institutional system cannot reflect the Three Principles and it can not be fit for the development of the market.At this stage,a system of putting investors’ interests in the first place should be set up to protect their interests.Supervisors’ behavior should be regulated and sound stock market culture should also be established.