中国股票市场作为计划经济向市场经济转轨过程中政府主导的产物,从其产生之日起,就带有浓厚的“政府办市场”色彩,因而不可避免地会体现着较多的政府行为。而透过政府政策行为的背后,我们可以观察到其特殊的形成机制。 1.国有企业融资机制转换的要求导致股票融资的必然“计划配置”。改革开放以来,我国国有企业融资机制经历了两次重要转换,一次发生在改革之初,一次发生在改革中期。20世纪80年代后,随着“利改税”和财政“分灶吃饭”改革的推行,相继恢复和成立的四大国有专业银行,取代国家财政成为国有企业的主要资金供给者,实现了国有企业融资机制的第一次转换,即从融资的财政拨款依赖转换为 As the product of government domination during the transition from a planned economy to a market economy in China, the stock market has a strong “government-run market” color from the date of its emergence, and will inevitably have more government actions. Behind the behavior of government policies, we can observe its special formation mechanism. 1. The requirement of conversion of state-owned enterprises financing mechanism leads to the inevitable “plan allocation” of stock financing. Since the reform and opening up, China’s state-owned enterprise financing mechanism has undergone two major changes, one at the beginning of the reform and the other at the middle of the reform. Since the 1980s, with the implementation of the “profit-tax reform” and the reform of the fiscal “split-menu” reforms, the four state-owned specialized banks that have been restored and established one after another have replaced the state finance as the major funding provider for state-owned enterprises, The first conversion of the enterprise financing mechanism, that is, from the funding of the financing of the dependent conversion into