【作者】 王铁铭；

【导师】 纪玉山； 詹连富；

【作者基本信息】 吉林大学 ， 政治经济学， 2007， 博士

【摘要】 本文的研究对象是中国资本市场宏观效应问题。论文以马克思主义经济理论为指导,学习和借鉴国内外经济学家的有关研究成果,以资本市场与经济增长的关系为主线,着重论述了中国资本市场的发展状况、实际效应和完善途径。首先,在界定资本范畴和资本市场内涵的基础上明确了资本市场的定位和构成,进而阐述了资本市场的基本功能。其次,论述了中国资本市场的发展状况,包括资本市场的形成原因、发展过程和不足之处。目前我国资本市场中间接融资比例偏高,直接融资比例偏低;直接融资中国债比例偏高,股票尤其企业债券比例偏低。再次,对中国资本市场的宏观效应进行了实证分析。在投资效应中,国债市场和中长期信贷市场刺激投资的效应明显,股票市场次之,企业债券市场的作用不明显。在消费效应中,股票市场刺激消费的作用最为明显,国债市场次之,企业债券市场刺激消费不明显。在结构效应中,股票市场对产业结构升级贡献最大,国债市场和中长期信贷市场次之,企业债券市场对产业结构升级影响微弱。最后,提出了中国资本市场发展和完善的主要途径,即不断完善资本市场结构,逐步建立多层次资本市场体系,相应建立资本市场监管体系。更多还原

【Abstract】 In the first 20 years of this century, China was in the development stage of building well-off society in all-round way and accelerating modernization. In this stage, national economy will develop both quickly and well, and accomplish industrialization. Perfecting of socialism market economy is powerful force that promotes economy to develop rapidly and social to progress all-round. Strengthening modern market system is an important link of perfecting socialistic market economy. Developing factor market is a key of perfecting the modern market system. Accelerating to reform and develop capital market lies in a core position of perfecting factor market. To accelerate to reform and develop capital market, we should develop and perfect medium or long term credit market, as the same time develop stock market and enterprise bond market vigorously and safely, and enlarge the scale of direct financing, and play the role of capital mobilization and capital allocation better. Therefore, the research on the macroscopic effect of Chinese capital market is significant in both theoretical value and practical significance.ITo research on the macroscopic effect problem of Chinese capital market, we must firstly make some basic analysis to the capital, the capital market and the function of the capital market, which are logic start of the research. The capital analyzed by Marx is that under the Capitalism market economy condition, which has threefold property: institution property, value property and material property. The capital considered as the value increasing in movement under the socialism market economy condition also has threefold property: value increasing property, movement property, merchandise property. The nature of the capital is value increasing. The life of the capital is movement. The movement of the capital is shown as form change and buy-sell in the market. The capital market is the place and relationship of the capital transaction. It is the circulation channel of capital value increasing and the functional mechanism of capital mobilization and capital allocation. The capital that is transacted in the capital market is monetary capital and the form switched by the monetary capital, such as stock, national debt and enterprise bond. The market that takes monetary capital as the target of transaction is the credit market, the market that takes stock as the target of transaction is the stock market, the market that takes enterprise bond as the target of transaction is the enterprise bond market, the market that takes national debt as the target of transaction is the national debt market. No matter medium or long term credit market, or stock market, enterprise bond market and national debt market, they are taken as the different parts of the capital market, all can show the characteristic of the realization the value increasing of the capital market. The basic functions of the capital market are the capital mobilization, the capital allocation and the capital transaction.IIThe research angle of Marx and western economists is different about the capital market and the function of capital market. Marx researched from capital and capital market’s essential attribute, especially uncovered the relationship between the capital market and the producing form of the capitalism. Marx put the research of the capital market into the research of the credit system. The credit system is the historical precondition and the practical foundation of the capital market. The credit system of capitalism and the capital market not only reflects the productive relation of capitalism, but also promotes the development of the social productive force. The western economists neglected the historical character of the productive relation of capitalism, ignored the relationship between the credit system and the capital market. They only investigated the relationship between capital market and economy growth from capital scale, efficiency, structure and mechanism. The early western economists didn’t distinguish the financial market and capital market completely. Gold-Smith discussed the role of finance in the economy growth from the point of financial development and financial structure. Mckinnon and Shaw analyzed the block role that the distortion of interest rate in developing counties and segmentation in financial market to the economy growth from the angle of financial restraint. They considered that breaking out financial restraint and developing efficient capital market was the key of economy growth in developing countries and the financial deepening can promote economy to increase speedily and steadily. Tobin and Pigou analyzed the function mechanism that capital market acted on macro-economy from the capital market influence investment and consumption. Greenwood etc. discussed the mechanism of that the financial market is increasing and internally formed as the wealth increase, and they put the capital market into the new-economy growth model. But Marx and the western economists’thought are consistent about that the capital market had the function of capital formation and allocation, thus could promote the social economy development.IIIOur capital market emerged and developed in the process of the reform of economic system. The process of the reform of economic system in China is that transfer the planned economy into the market economy. The basic parts of the market economy system are micro individuals, market system and the government regulation, which have close contact with the capital market. The national debt market, medium or long term credit market, enterprise bond market and stock market were formed and developed gradually as the micro individuals were activated, the market system was cultivated and the government regulation was improved. It takes only more than 20 years, our capital market has got brilliant fruit in market scale, market structure, the investment individuals, the construction of laws and regulations, management supervision system. The service function of the capital market in economic development appeared increasingly. But the rate of indirect financing is still high and direct financing is low. In direct financing, the rate of national debt is high, stock and enterprise bond are low. The capital market in China is not mature, and shows the market structure is simple, the layer of the market is less and the varieties of investment are not rich.IVThe actual effect of China’s capital market is the economy growth effect of China’s capital market. The economy growth includes the growth of the economic gross and the advance of economic quality. China’s capital market promotes the growth of the economic gross by stimulating the investment demand and consumption demand; China’s capital market promotes the advance of the economic quality by impelling the optimization of the industry structure. In the investment effect of China’s capital market, the stimulating economy effect of national debt market and medium or long term credit market is the most remarkable, that of stock market is remarkable relatively and that of enterprise bond is not obvious. In the consumption effect of China’s capital market, the stimulating consumption effect of stock market is the most remarkable, that of treasury market is remarkable relatively and that of enterprise bond is not obvious. In the structure effect of China’s capital market, the contribution of stock market to the industry structure upgrade is biggest, that of national debt market and the medium or long term credit market is bigger and the effect of enterprise bond market to industry structure upgrade is weak. But the macro-economy effect of the capital market takes the enterprise effect of the capital market as the micro base.VIn the progress of building up perfect socialist market economic system, capital market gives service to economic development in the final analysis. Our country economy must regulate structure in the development and must keep rapid development in the structure regulation. Chinese capital market has entered a new development stage. The character of new stage of capital market development is that developing capital market greatly, not only making capital market to a higher level in gross scale and making it to build up reasonable structure and multi-level system, so that giving better service to national economy to develop quickly and well. The basic thought of developing and perfecting capital market is as follow. Firstly, we should perfect medium or long term credit market, as the same time we should develop enterprise bond market vigorously, develop stock market safely and develop national debt market properly. We should maintain equilibrium of capital market finance structure and promote capital market to coordinate development. Secondly, on the basic of forming the unitary main board market, we should push growth enterprise market gradually, regularize and develop third market and exchange of property rights market, establish and perfect the multi-level market system. Thirdly, we should raise the level of government supervision and management, tighten up the industry self-discipline management, strengthen internal and external supervision, and build up multi-level capital market supervisory system.更多还原