国有股转流通问题的实质是修改金融契约——兼论中国股市金融压抑 .pdfVIP

重庆大学学报(社会科学版) 2O04年第1O卷第4期 32 JOURNAL OF CHONGQING UNIVERSIYY(Social Sciences Edition)VD1．1【】No．4 国有股转流通问题的 实质是修改金融契约 兼论中国股市金融压抑解除之道 冯 昀 ，郭洪涛2 (1．广东农工商职业技术学院财经系，广东广州 510507； 2．华南师范大学经济管理学院，广东广州 510631) 摘要：股市的金融压抑必定需要通过国有股转为流通股解除，转为流通股实质上相当于修改金融契约，这是中国股市-3 前最大的系统性风险。在股市自由化过程中国家应注意协调与平衡利益关系，通过建立国有股准流通市场，树立股民的制度 转轨预期，消除由计划股市向市场股市转轨的制度性风险，实现股市制度的平稳转轨。 关键词：国有股；风险；金融约束；金融契约 中图分类号：F820；F276．3 文献标识码：A 文章编号：1008—5831(2(~4)04-0032-04 The Essential of Transaction of the State．owned Stocks Is to Modify the Financial Contract — — And on the Ways to Release the Finance Restrict FENG Yun ，GU0 Hong-tao2 (J．Department ofFinance，GnangdongMB Po 访 cD2 ，Guangzhou 510507，China； 2．College ofEconomics and Management，South China Normal Unitersity，Gl加， u 510631，China) Abstract：Transaction ofthe state-owned stocks is the only way to release the fianance restrict ofthe stock market．While，the essential of transactionofthe state-owned stocks istomodifythefinancial contract，thatisthe biggest systemic riskofthe stockmarket ofChina at present． 3he authorities sh0uld coordinate and balance the interests relations during the stock market liberation．3he stable transition of stock market system will come true by establishing the quasi circulating market of the state—owned stocks，by setting up stock owners’expectation of the trail— sifion of stock market system and by avoiding the system risk ofthe transition of stock market from a planning one to a marketable one． Key words：state-owned stocks；risk；finance restrict；finance contract 一 、 金融压抑理论与股市金融压抑解除的目标 态，不能发挥金融体系有效配置资金的功能，从而影响经济