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从一定意义上看,投资需求只是消费需求的派生需求,因此,投资需求本身不可能成为经济增长的持久拉动力量。只有证券市场在较长时期持续增长后,其对经济的拉动效应才会显现。在消费需求没有回升迹象的情况下,投资需求的大幅度回升只能反应行政力量的推动;而且如果没有消费需求的支持,这种投资增长和经济回升都不会持久。证券市场的发展必须要规范市场运作,把“稳健”放在首位,不仅要解决上市公司筹资问题,更重要的是带来转型建制的契机,促进证券市场长期稳定的发展。
In a certain sense, investment demand is only a derivative demand of consumer demand. Therefore, investment demand itself can not become a lasting driving force for economic growth. Only when the stock market continues to grow in a long period of time will its effect on the economy appear. In the absence of signs of recovery in consumer demand, the sharp rise in investment demand can only reflect the promotion of administrative power; and without the support of consumer demand, such investment growth and economic recovery will not last long. The development of securities market must standardize the operation of the market and put “prudence” in the first place. It not only needs to solve the financing problem of listed companies, but more importantly, it brings the opportunity of restructuring and promotes the long-term and stable development of the securities market.