《特区经济》杂志1991年第5期发表了李石同志《现阶段大中型企业不宜实行股份制》的文章(简称李文)。本文拟就李文的有关论点提出商榷意见,以求得出大中型企业实行股份制可行的结论。一、股份制既是一种有效的筹资形式,更是一种新型的所有制形式李文认为,我国目前生产力水平尚属低层次,如因金融体制改革未完善导致资金短缺,想要通过股份制来筹资,是违背客观规律的。我认为,要想解决资金短缺问题,只有进行微观经济基础的重新组合,提高生产效率,增加资金总量,这是前提。如果单纯依靠改革和完善金融体制的办法(当然不能否认这些做法的正确性和必要性)来改变资金短缺的局面,很难行得通。发展社会化大生产导致资金短缺不能因噎废食,而是要进一步发展生产,方能保障供给。发展生产的资金从哪里来?马克思对此有过精辟的论述:“假如必须等到积累在使某单个资本增长到能够修建铁路的 In the 5th issue of the “Special Zone Economy” magazine in 1991, an article entitled Comrade Li Shi’s “Most Medium- and Medium-sized Enterprises Should Not Implement the Stock System at this Stage” was published (Li Wen for short). This article intends to put forward the opinions of Li Wen on the relevant arguments in order to draw the conclusion that large and medium-sized enterprises can implement the shareholding system. First, the joint-stock system is an effective form of financing, but also a new form of ownership. Li Wen believes that China’s current level of productivity is still at a low level, such as the shortage of funds due to imperfect financial system reform, want to raise funds through the joint-stock system, It is against the objective law. In my opinion, if we want to solve the problem of funding shortages, only the re-combination of the microeconomic foundation, increase production efficiency, and increase the total amount of funds are prerequisites. If we simply rely on reforms and improvements in the financial system (of course we cannot deny the correctness and necessity of these practices) to change the situation of the shortage of funds, it will be difficult to do so. The development of socialized large-scale production leads to a shortage of funds, which cannot be caused by depravity. Instead, it is necessary to further develop production so as to ensure supply. Where does the money for development and production come from? Marx had a brilliant exposition of this: “If you have to wait until you have accumulated a single capital to build a railway