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现代资本市场是各国经济发展的最重要的促进平台。中小投资者利益得不到保护是资本市场发展的主要缺陷。对中小投资者利益的侵吞源于两方面:上市公司内部人和政府部门。资本市场发展就是要通过制度的形成来解决这个问题。基于构建与演化逻辑相结合的制度形成思维,提出资本市场上的法官诉讼和政府管制相结合以解决公司内部人侵吞问题;基于政府官员自利性和利益集团的挟持,政府部门没有激励采取促进资本市场发展的举措,而它又是国内强制力的唯一拥有者,所以用贸易开放和资本市场开放引入外来竞争的方式来约束政府的行为,促使本国资本市场内在非正式规则形成与外在正式制度移植的统一,从而促进资本市场的发展。
Modern capital markets are the most important platforms for promoting the economic development of all countries. The lack of protection of small and medium-sized investors is the main flaw in the development of capital markets. The misappropriation of the interests of small and medium-sized investors comes from two aspects: insiders and government departments of listed companies. The development of the capital market is to solve this problem through the formation of the system. Based on the formation of system based on the combination of construction and evolutionary logic, this paper proposes that the lawsuit and the government regulation in the capital market should be combined to solve the problem of embezzlement inside the company. Based on the hijacking of government officials’ self-interest and interest groups, the government department has no incentive to promote Capital market development initiatives, but it is the sole owner of domestic coercion, so the use of trade liberalization and capital market opening up the introduction of foreign competition to constrain the government’s behavior, prompting the domestic capital market, the formation of informal rules and external formal System of unified transplantation, thereby promoting the development of capital markets.