我国股市的败德行为及其对策研究

【作者】 周湘梅；

【导师】 黄炎平；

【作者基本信息】 中南大学 ， 伦理学， 2004， 硕士

【摘要】 股票市场是源于股份制的发展，股份制是从近代资本主义发展中产生发展起来的，是一种经过实践证明的与现代市场经济相适应的组织形式。我国股票市场是改革开放以来我国社会经济生活中最引人注目的事件之一。十多年来，我国股市从无到有，从小到大，从地区性市场迅速发展为初具规模的全国性市场，走完了发达国家上百年的路程，将我国市场经济体制的建设推向一个全新的高度。但是也毋庸讳言，我国股市仍是非常不成熟的市场，存在着大量不规范甚至不道德的因素，如：内幕交易、操纵市场、虚假陈述、欺诈客户等败德行为盛行。这些败德行为破坏了市场公正的秩序，损害了投资者特别是中小投资者的利益，严重影响了股市的健康发展。 导致上述种种败德行为的原因是多方面的。具体而言，信息严重不对称为我国股市败德行为提供了滋生的土壤；制度安排不合理使我国股市败德者的收益表面合法化；市场监管不得力使我国股市败德者得不到应有的惩罚；道德意识的淡薄是我国股市败德行为泛滥的心理根源。 要从根本上遏制败德行为，实现我国股市的公开、公平、公正，就必须从道德的角度提出应对策略。其一，构建股市道德体系，使股市主体“有德可依”。具体包括义利兼顾、诚实守信、公开透明、遵纪守法等基本道德规范。其二，塑造股市道德主体，把道德内化为主体自身的需要，使股市主体主观上构筑起防止败德行为的心理堤坝。具体包括树立上市公司的道德形象；培养中介机构的职业道德；提升管理者的道德水准；倡导投资者进行理性投资。其三，优化股市道德环境，使个别股市主体即使主观上想发生败德行为客观上也不具备条件。具体包括健全制度保障体系；强化市场监督力量。更多还原

【Abstract】 Stock market originates from stock company, which is one form of organization. It developed along with the modern capitalism and verified to be compatible with modern market by the practices. The stock market in China is one of the most significant phenomena since the implement of the policy of reform and opening to the outside world. In more than a decade, the stock market in China grows out of nothing, progresses from small to large, and develops rapidly from regional market to national market which is beginning to take shape. The stock market in China has experienced the process which the developed countries had experienced in hundreds of years, and is promotting the construction of market economy system in China to a brand new height. However, there’s no denying the fact that the stock market in China is still immature for the existence of a great deal of non-canonical, immoral phenomena, such as low-down transaction, market manipulation, false presentation, fraud on client and so on. These immoral conducts break the just order of market, damage the benefits of investors, especially the ones in medium or mini type, and influence heavily the healthy growth of the stock market.There are various sources leading to the immoral conducts mentioned above. Specifically speaking, the severe asymmetry of information provides soil for those immoral conducts to grow; the irrationality of system enables the incomes of immoral investors to be legalized superficially; the incapability of market supervision is unable to bring immoral investors to justice; and the apathy in moral sense is the psychological origin of the omnipresent immoral conducts in the stock market.In order to eradicate these immoral conducts and realize the openness, fairness and justice of the stock market in China, we must put forward some strategies from the point of the morality. First, we should construct moral system of the stock market and moralize the entities of the stock market. Specifically, fundamental norms of the moral system include: giving consideration to morality and profit simultaneously, honesty andcredibility, publicity and transparency, observing discipline and obeying the law. Secondly, we should shape the moral entities of the stock market by means of internalizing morality and damming up a psychological dam to prevent the entities of the stock market from the immoral conducts. Specifically, these consist of setting up good images of the stock companies, cultivating the professional ethics of the agencies, improving the moral standards of the supervisor, and proposing rational investment of the investor. Thirdly, we should optimalize the moral circumstance of the stock market so as not to provide the objective conditions for the entities of the stock market to carry out the immoral conducts. Specifically, these contain completing the security system and reinforcing the supervision of the stock market.更多还原