【摘要】 合约是界定市场化行为的文件,规定了参与人在不同的状态下所能采取的行动,以及收益与风险的分担。资本市场可以理解为一个由交易子合约和融资子合约构成的合约体系。资本市场开放则是一个逐渐接纳国际成熟合约的过程,除了吸引外国资金以外,更为重要的是实现合约体系的成熟。立意于此,本文从合约理论的角度出发,分析中国资本市场的开放所面临的市场低效率,并讨论完善中国资本市场的合约规制方式,以便为今后的资本市场改革研究提供基础性的参考。更多还原

【Abstract】 Contract is a document regulating market behaviors; it prescribes the behaviors of participants in different situations, their share of profit as well as risk. Capital market can be considered as a contract system, including transitional and financing contracts. The opening of the capital market is a process of gradually accepting international contracts. Besides attracting foreign capital, promoting the maturity of domestic contract system is more important. This article analyzes the low efficiency faced by China’s market opening. It also discusses the methods to improve China’s contract system, to provide basic reference for future study on reform of capital market.更多还原