| Based on the principle and analysis method of Western New Institutional Economics, this dissertation studies the development law of stock market institution in China and that of its functions. Meanwhile, it tries to improve the innovations in Stock Market Institution in terms of the economic structure and the strategic industrial restructuring, based on the objective development law of the stock market functions in China.The dissertation, with 9 chapters, and more than 150,000 words, is composed of three major parts: normative analysis and status quo review, theory application as well as solution research. IThe first part is theory research and discussion, covering the first four chapters. Starting from the status quo study of and the dispute over domestic and foreign stock market functions, in the first part, the theoretical model of China's stock market institution development and its functional changes is established and tested based on the basic theory and analysis method of New Institutional Economics. It also proposes the objective law of the functional evolution of China's stock market.Chapter I In the first chapter, the status quo of and the dispute over the stock market functions are listed, and a conclusion is drawn that there is a great necessity to further study the functions of stock market. The content of further study includes:(1) The status quo of stock market functional study at home or abroad. The study abroad focuses on the relationship between stock market and economic growth. As people abroad have different ideas about the functions of stock market, there are two main schools: â‘ Some economic financial experts, such as Pagano, Gurley, Shaw, Atie, Jovanovie, Kunt, Levine, Boyd and Smith, believe that stock market can facilitate the formation of capital and the growth of national economy, based on the functions of stock market on capital formation in terms of the financing capability,liquidity, and scale. â‘¡Some economic financial experts, led by Joseph Stiglitz, Colin Mayer, Richard Harris, Arestis and Demetriades, don't think that the existence and development of stock market has a obvious positive effect on the national economy. They even think that the existence and development of stock market won't benefit national economy at all. (2) there exist various and turbid viewpoints about the function of stock market in our country. And intense debates still continue between the theoretical professionals and security industry. The main reasons why there are different ideas about the security market are these :â‘ the foundmental categories of stock market have not been defined unitely ,and still have not been understood clearly.â‘¡ The particularity and growth phrase of the chinese stock market have not been taken into account, and the stock market theory of developed country have been copied blindly.(3)conclusion: currently not only are there differences about the research of stock market function between the internal and external economic and financial professionals and securiry industry,but also the research is left behind by the practice of the development of security market of many countries. The stock market of china is different from those of developed countries ,and the functions of stock market are more complicated.Finally we should deepen our research about the function of the stock market of china. Chapter 2.This chapter begin with the introduction of western new Institutional economics, and try to apply the foundmental principle of the new Institutional economics to demonstrate the process of birth, development and grandness of the stock market of China. The main content concludes : the theory premise, foundmental category , theory frame of the western new Institutional economics:(1) the comparison with the early Institutional school,.new Institutional school by the new Institutional economics;Applying the foundmental principle of the new Institutional economics about the transmission of the Institutional ,the dissertation have...
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