证券市场与产业组织完化关系的研究

【作者】 宋夏；

【导师】 徐桂华；

【作者基本信息】 复旦大学 ， 政治经济学， 2005， 博士

【摘要】 改革开放以来,中国经济一直保持高速增长。但是,上市公司盈利能力存在明显的逐年衰退现象。上市公司业绩低下的原因是多方面的,其中产业组织问题是一个必须解决的。要解决这一问题,必须通过产业组织优化来实现。 产业组织理论经过七十多年的发展,经历了哈佛学派、芝加哥学派和新奥地利学派等的发展和丰富,逐步形成了较为完备的理论体系。中国产业组织理论经过学习、实践和借鉴,取得了长足进步。近些年,西方学者开始关注证券市场在产业组织中的作用。中国有些学者也注意到这一点,得出了一些有益的结论。 产业组织优化主要包括市场结构的合理化、企业行为的合理化和企业组织的合理化,这三者之间相互影响,企业行为不仅要适应市场结构,而且会影响和改变市场结构,它是产业组织优化的基础和核心。产业组织优化不完全是一个自适应过程,它受到经济生活方方面面的影响,在这一过程中证券市场起着重要的作用。在西方发达国家,成熟的证券市场有四个方面的机制促进产业组织优化。一是证券市场提供融资平台,为企业进入和形成规模经济创造了条件;二是证券市场为企业并购提供了桥梁和媒介,促进存量资源流向那些优质企业;三是二板市场作为一种特殊的市场形式,给中小企业提供了直接融资机制和创业投资退出机制:四是证券市场通过市场的力量推进公司治理结构的建立和完善,有利于企业组织结构的调整和优化。 中国证券市场在企业融资结构变迁中确实发挥了一定作用,在其它方面存在严重的功能缺失问题。总体上说,中国证券市场的试验并不成功,突出地表现在过分看重筹资功能,而忽视资源配置功能。中国证券市场功能缺失的制度根源在于制度变迁中存在的制度缺陷,制度缺陷造成证券市场运行的扭曲,使得证券市场内在机制不能完全有效的运行。中国证券市场的功能缺陷和制度风险来源于制度设置的本身,只能通过制度创新来逐步解决,这样才能完善中国证券市场的各项功能,真正地推动产业组织优化。更多还原

【Abstract】 Since the reformation and open policy, Chinese economic growth have kept high speed . However the ability to gain profit of listed company decline obviously year by year. The reason are various, one of which is the problem of industry organization, a problem waiting to resolve necessarily. So it need optimize industry organizationThrough 70years development and enriched by Harvard School, Chicago School and new Austria School, the theory of industry organization became a comprehensive theory system. In China it also improved greatly from learning and experience. Recently, some western scholars have started to pay attention to the role of stock market in industry organization. Chinese researchers also notice this point, and educe some beneficial conclusion.Industry organization optimization includes the rationalization of market structure, firm behavior and firm organization, which affect each other. The firm behavior is the basic and core of industry organization, not only fits market structure, but influences and changes market structure. Industry organization optimization is incompletely a self-adaption process and is affected by various aspects. In this process stock market make important function. In western countries mature stock market has four aspects of mechanism to enhance industry organization optimization. The first is supplying financing location, which can create condition of firm’s entering and scaling. The second is supplying bridge to M&A, which can facilitate stock resource to good firm. The third is supplying direct financing and exiting mechanism to small firm by the second board as a special market. The fourth is pushing the process of setting and perfecting corporate governance by stock market, which benefits to adjust and perfect firm organization.There are some function to the change of firm financing by Chinese stock market, but the absence of other function are serious. As a whole, the experience of Chinese stock market are not successful. The problem is ignoring the function of resource collocation and emphasizing the function of financing. The institutional更多还原