股票市场发展的路径依赖对技术进步的影响.pdfVIP

( ) 2002 年 9 月 　　　　　　　　　 西安交通大学学报 社会科学版 　　　　　　　　　　 Setp. 2002 ( ) ( ) ( ) 第 22 卷第 3 期 总 61 期 　　 Journal of Xi ′an Jiaotong University Social Sciences Vol. 22 Sum No. 61 股票市场发展的路径依赖对技术进步的影响 张　胜 ,朱楚珠 (西安交通大学 ,陕西 西安 710049) [摘 　要] 　分析了股市在长期发展过程所形成“蓝筹股市场”的路径依赖对新技术革命的影响 ,得出了股票市场投资者 蓝筹股投资心理行为路径依赖 ,导致了股票市场对创新技术具有逆向选择效应 ,股票市场利于蓝筹股价值发现的交易制 度路径依赖导致“团队创新”激励不足的结论 ;而且由于股票市场总市值占 GDP 比例越来越高, 因而在现有股票市场内 部建立相对独立的风险资本市场将是不明智的。 [ 关键词] 　股票市场发展 ;技术进步 ;风险资本市场 ( ) [ 中图分类号] 　F830. 91 　　[文献标识码] 　A 　　[文章编号] 　1008245X 2002 Effect of PathDependence of Stock Market Development on Technological Progress ZHANG Sheng ,ZHU Chuzhu (Xi ′an Jiaotong University ,Xi′an 710049 ,China) Abstract 　The paper analyses effects of “bluechip market ”pathdependence of the stock market formed in the longterm development on technological revolution with a conclusion reached that the psychological behavior pathde pendence of investing bluechip shares of the investors in the stock market leads to the fact that the stock market has the reverse choice effect on innovative technology and the transaction system pathdependence favorable to the dis covery of the value of bluechip shares results in the insufficient motivation of the “team innovation ”. Moreover , since the ratio of total market values of the stock market to GDP is getting larger and larger , it is not wise to set up a relatively independent risk capital market inside the cur