当代中国股票市场发展思想研究

【作者】 骆祚炎；

【导师】 叶世昌；

【作者基本信息】 复旦大学 ， 中国经济思想史， 2003， 博士

【摘要】 本文从经济思想史的角度，对1978年以来中国股票市场的思想进行了系统整理和分析。本文把股票市场发展思想划分为两个阶段。第一阶段，1978年到1991年，为初步探索期。该阶段股票市场思想的主要内容，是对股份制性质和建立股票市场问题的探索。其中，股份制性质方面的问题包括：股份制本身的性质、股息和红利的性质、企业股的性质、实行股份制的必要性和可行性以及股份制改革方向的逐步确立等：建立股票市场方面的问题包括：股票市场投机的存在性、投机的性质、实行股份制是否冲击银行储蓄以及是否有必要建立证券市场等。第二阶段，1992年至今，为规范发展探索期。这一阶段，股份制的性质和地位最终得到了全面确认，股份制进入大规模试点推广阶段，股票市场开始在规范中发展。该时期股票市场思想的主要内容是股票市场的规范和发展。这些问题包括：市场监管、银行与证券的经营与管理模式、市场有效性研究、市场一体化、市场国际化、国有股权流通和减持、对过度投机的认识，等等。本文对当代中国股票市场发展思想进行了再思考。当代中国股票市场发展思想体系呈现出明显的特征：发展的阶段性、发展的连续性、发展的借鉴性和发展的继续探索性；同时，这些思想体系也存在一些不容忽视的理论缺陷：发展初期的思想意识形态浓厚、部分思想不符合中国国情、对股票市场的制度问题及对股票市场发展思想本身研究不够，等等。在此基础上，本文提出了当代中国股票市场思想研究的发展方向。更多还原

【Abstract】 This dissertation is a systematic survey and analysis of the thoughts of China’s stock markets since 1978. It is from the historic perspective of economic thoughts.The dissertation divides the thoughts of the Chinese stock markets into two stages. The first stage, from 1978 to 1991, is the preliminary exploring period. At this stage, two problems concerning the thoughts of the stock markets were explored: the nature of the share-holding system and the establishment of the stock markets. The problems about the nature of the share-holding system consist of such problems as the nature of the share-holding system itself, of the dividend and bonus and of enterprise share, the necessity and feasibility of implementing share-holding system and the gradual establishment of the reform direction of the share-holding system, etc. The problems about the establishment of stock markets included the existence of speculation in stock markets, the nature of speculation and whether the implementation of the share-holding system would have an impact on bank deposit. The second stage, from 1991 to now, is the regulated development exploring period. At this stage, the nature and significance of share-holding system finally has been fully recognized. Share-holding system has witnessed widespread tentative implementation. The stock markets began to develop normatively. The major content of the thoughts of the stock markets is the regulation and development of the stock markets. It consists of the following aspects: supervision of the stock markets, operation and management patterns of bank and securities, efficiency research of the stock markets, unification of the stock markets, internationalization of the stock markets, circulation and reduction of the state-owned share and knowledge of over-speculation, etc.The dissertation reconsiders the thoughts of contemporary Chinese stock markets. The thought systems of contemporary Chinese stock markets show distinct features: phased, continuous, imitative and exploring development. In these systems there are also some theoretical flaws that cannot be neglected. For instance, the thoughts of the initial c’eveloping stage are heavily ideological; some thoughts do not accord with China’s domestic situation; there is a lack of research over the institution of the stock markets and the thoughts of the stock market, and so on. Based on this, the dissertation attempts a prospect of the thoughts of contemporary Chinese stock markets.更多还原