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本文从重新对股市制度定义开始 ,回答股市发展过程中的几个基本问题 ,特别是股市制度产生的边界条件、制度创新的主体问题、制度创新的基本要素问题。指出 :以市场为主导的制度变迁满足MR =MC ,而以政府为主导的制度创新可能由于个体行为或效率差异而出现不稳定均衡。针对我国当前股市发展的现状和存在的问题 ,指出制度创新单一主体的局限性 ,提出了以政府为主、市场为辅转化为以市场为主、政府为辅的渐近式制度变迁路径。
This article begins with the definition of stock market again, answering several basic questions in the process of stock market development, especially the boundary conditions of stock market system, the subject of system innovation and the basic elements of system innovation. It is pointed out that the market-oriented institutional change satisfies MR = MC, while the government-led institutional innovation may be unstable and balanced due to individual behavior or efficiency differences. In view of the current situation and existing problems of the current stock market development in our country, we point out the limitations of the single subject of system innovation, and put forward the path of asymptotic system change from the government to the market-based to the market-based and the government-supplemented.