论中国股市思想发展的几次突破及意义

【作者】 王尧基；

【导师】 叶世昌；

【作者基本信息】 复旦大学 ， 经济思想史， 2003， 博士

【摘要】 本论文把中国近代至今的股票市场思想整体作为一个样本进行观察，以一些大讨论为切入点着重分析近代以来中国股票市场发展的阶段性特征及其对股市思想发展的推动作用，并进一步从中归纳中国股市思想的演变规律。通过研究发现，中国股市思想虽然源于对西方思想的借鉴引进，但无论从发展过程还是从思想本身都具有明显的中国特色。中国股市思想从产生发展到今天，每一阶段都充分显现当时的时代特征。本论文具体从经济思想史的角度对中国近代关于创立股市、改革之初关于恢复股市、《基金黑幕》引发的对股市发展的反思及最新的国有股减持之争等讨论热潮所产生的思想突破进行了系统归纳，对这些思想突破在不同的股市发展阶段中发挥的重大推动作用进行了剖析，并对各次突破之间的内在联系及其对中国股市思想演变趋势的决定作用和启示进行了探讨。 本论文共有六章。第一章通过选题背景与论文的创新、论文的理论意义和实际意义、论文的研究方法与研究范围、论文的结构安排与研究结论等部分对论文构思、内容的取舍等进行了简要说明。第二章主要对中国近代早期的建立股份公司、股票市场必要性及其基本规范等论点进行了归纳，指出这一时期对股市的讨论从思想上的突破意义在于完成了中国股市思想的启蒙、确立了中国股市思想基础框架，填补了股市思想方面的空白。论文认为近代中国具备较快接受股份制的思想基础，因而中国股市兴起之初的发展势头较好。但由于当时政府重视公债而对股票和股市建设持消极态度，加之外来势力对金融的垄断，使近代早期的一些建设性股市思想没有及时付诸实践，从而使中国股市在兴起之后由于缺乏起码的制度规范而在频繁的股市投机风潮中屡屡受挫，致使当时股市建设没有取得长足的进展。第三章是对改革初期关于恢复股票市场讨论的研究。通过对这一时期讨论的梳理和归纳发现，当时有关股市的论点大多带有明显的意识形态色彩，关于股票市场姓“资”姓“社”争论占了很大比重。论文认为，这场讨论正是在邓小平南方谈话的巨大催化作用下才确立了社会主义时期资本市场的概念，其从思想上的突破意义是股市思想在社会主义社会的重新定位。这一突破对股票市场在其后的快速发展起到了极其重要的推动作用。第四章在简介《基金黑幕》由来的基础上，对其引发股市发展的反思论点进行了梳理和简评，并指出这场讨论将股票市场发展过程中累积的种种严重问题昭示于天下，使广大投资者为之警醒，其思想突破意义体现在促使人们对股票市场行政化弊端的深刻反思。这一突破对管理层加大监管力度、整顿股票市场秩序起到了重要的推动作用。第五章是关于国有股减持讨论的研究．在对国有股减持背景进行回顾的基础上，通过对国有股减持讨论归纳得出的结论是，这场讨论的焦点从开始的高价减持国有股转到了后来的股权全流通，思想上的突破是国有股减持的思路实现了从“国为本”到“民为本”的转化，这场集思广益式的讨论不仅对管理层的国有股减持政策走向产生了很大影响，而且正在对现阶段规范上市公司治理和整个证券市场的运作发挥比前者更为重要的促进作用．第六章本着“以史为鉴”的原则，在总结中国股票思想几次突破的逻辑联系及其对股市发展影响的历史经验的同时，着重对今后一个时期需要股市思想进行创新和突破的几个方面进行了前瞻性分析．同时，还剖析了股票市场亟需解决的定位问题、过度投机问题、监管不力问题和国有股“一股独大”问题，指出这些问题的深层原因在于政府的金融抑制行为，出路是“市场替代政府”。论文还具体从准确定位股票市场、建立市场化的股票发行和退出机制、大力强化市场监管、非流通股流通市场化和公司治理结构合理化等方面对国内股票市场的规范提出了对策建议．更多还原

【Abstract】 This dissertation attempts to present an overview of the thought on stock markets since the mid-1900s to the present day. Based on several debates, it focuses on the analysis of the characteristics of different stages in the development of the Chinese stock markets and its impetus to the thought on the stock markets with a view to detect the evolutionary threads in the thought on the Chinese stock markets. My study reveals that the Chinese thought on stock markets displays unique characteristics both in itself and its evolution despite the obvious influences from the west. Ever since its genesis, the Chinese thought on stock markets has assumed different characteristics unique to each era. This dissertation, from the perspective of the history of economic thought, has systematically examined the thought breakthroughs brought about by debates on such events as the establishment of the stock markets in modern times, the restoration of the stock markets at the beginning of the reform, reflections upon the development of the stock markets triggered by Insides of the Funds, and the dilution of the state shares, and analyzed the impact of these thought breakthroughs on the development of the stock markets in different stages, the inherent relationship between these thought breakthroughs and their decisive role in the overall trend of the thought on the Chinese stock markets.The dissertation falls into six chapters. The first chapter serves as a brief introduction to the design and content of the dissertation through the analysis of the formation of the dissertation, its creativeness, thought implication, empirical relevance, approaches, scopes, organization and conclusion. The second chapter, which is a mainly summary of the necessity and the basis norms for the establishment of the joint-stock companies and stock markets at the beginning of the modern times, points out that the significance of the thought breakthroughs for the debates on the stock markets in this stage consists in the accomplishment of the Chinese thought on stock markets the initiatory stage, the establishment of the framework of the Chinesethought on stock markets and the trails it has broken in this respect. It maintains the modem China was in a thought conditioned to receive joint-stock economy and that the Chinese markets tended to be healthy at the beginning of its development. However, the preoccupation of the Chinese government at that time with treasure bonds rather than the development of the stock markets, along with the monopoly of the western powers on the financial sector, discouraged the positive stock markets thought from being put into effect. Hence, the Chinese stock markets, after its booming early years, suffered repeated frustrations in the frequent waves of speculation for lack of basic norms, resulting in slow progress in the construction of the stock markets at the time. The third chapter deals with the debates over the restoration of the stock markets at the beginning of the reform. Study of the debates in the period reveals that debates over the stock markets at that time bore marked ideological brands, with capitalism-versus-socialism argument taking greater part of stock market debates. This dissertation maintains that the debate, catalyzed by Deng Xiaoping’s Southern Tour speech, established the generality of the capital market in socialist stage. It has redefined the stock markets in the socialist economy. This thought breakthrough has given immense impetus to the development of the stock markets. The fourth chapter, based on an analysis of the origin of the Insides of the Funds, has investigated and commented on the reflections that were instrumental in the development of the stock markets. It points out that the significance of the debate consists not only in shedding light on problems that have accumulated in the development of the stock markets, but in awakening the vigilance of the investing public, giving vigorous impetus to the regulatory efforts on the part of stock markets watchdog. The implication of t更多还原