| This dissertation analyzes the distorted mechanism of transferring capital market in our China (focusing on securities business) as well as non-market representations, characteristics and causes so as to open out the logical relationships among some system defects, function mechanism and system efficiency in the capital market, including capital optimized mechanism and improvement of unbalanced system with the combination of criterion and demonstration, theory and practice. It points out that improvement of system efficiency relies on persistent innovations on capital market system. There are nine chapters in this dissertation.Chapter I. Introduction. First it states the background, purpose and significance of the dissertation. Meanwhile, it comments completely and systemically on some relating finance development theories, duality finance structure theories, (credit utilized probability), corporation financing structure theories, and capital market system variance and research conditions at home and abroad. Following that, it illuminates the thought, study methods and innovations as well as the deficiency of this essay.Chapter II. Basic capital market theoriesIt introduces the disputes on the development of capital theory first, and then defines the proper notion of capital market which appropriate to the research of this paper. Further, it comments on the basic function of capital market, which includes: financing and capital concentration, optimizing material allocation, price-determination function, and value evaluation. Based on that, it discusses the relation between the basic function of capital market and economic increase, and makes solid foundation for the following research. Chapter III. the compose of capital market mechanism and the relations among themIt defines the notion of capital market mechanism and distinguishes capital market and capital market mechanism. in order to study the institution efficiency in a more macroscopic point, the paper divides capital market mechanism into three parts,which includes pricing mechanism, enterprise capital structure deciding mechanism and supervision mechanism. It discusses the relations between them that they restrict and promote mutually. The efficient running of them can guarantee the efficiency of capital market.Chapter IV. The evolvement, contribution and the system defects of china capital marketIt analyzes the economic transferring capital market systematically in China according to system theories concerned on capital market so that it shows some achievements and limitations during the transferring capital market changes and developments. It means system innovations as the capital market itself is introduced into the original traditional system in which there is without the capital market at the very beginning. The essential of capital system innovation is a transform to the capital resource collocation. That is, to change planned method into marketed one. The reformation and innovation of the state enterprises accelerate the development of capital market. However, exorbitant concentration on the state credit and traditional public system will lead to the system defects and divisions in the capital market. Thus, the capital market in China is still regarded as "inadequate capital market (over-intervened and supervised by the government) and quasi- market mechanism".Chapter V There is incoherence in the systematic variance and route relianceFirst, the representation of capital market system variance route reliance and its aftereffect that causes non-market of capital and adequate persistent competition is analyzed under the macroscopic transferring economy. It is also analyzed the avail function expression of government's achieving trust, sense anticipation and distrusted system variance implemented by the government in a game with a model according to the public choice theory in which government is the system provider and market is the demanding side. Government tends to take flexible alternative system variance under th...
|
PDF Full Text Request