计划与市场边界的模糊不清,增加了投资管理实践的复杂性和困难改革开放前,我们预先设定投资总量、结构等目标,通过计划手段有计划按比例地分配资源,因信息不充分和激励不相容,资源配置效率很低,极端情况下还带来了全局性有计划的灾难性的总量失衡与结构失调,如大跃进、以钢为纲。改革开放后,我们逐步让市场在资源配置中发挥基础性作用。市场配置资源看似 The ambiguity of the planning and market boundaries has increased the complexity and difficulty of investment management practices. Before the reform and opening up, we set targets for total investment and structure in advance. We planned to allocate resources proportionally and proportionally due to inadequate information Incompatible with incentives and low efficiency of resource allocation, it also brings about a total planned and disastrous total imbalance and structural imbalance in the extreme circumstances, such as the Great Leap Forward and the steel as the key link. After the reform and opening up, we gradually let the market play a fundamental role in the allocation of resources. Market allocation of resources seems