论文部分内容阅读
中国的经济增长也许主要不是靠企业的经营表现,而是靠政府规模庞大的基本建设投资的支撑以及外资企业持续增长的直接投资。虽然我们已经有了像海尔、联想和希望这样响当当的大企业,但是相对中国的经济规模和增长率,可以说我国的企业至今还没起飞,真正形成了具有国际竞争力的企业还凤毛麟角。归根结底,是金融制度制约了本土企业长大成强,因为似乎只有金融制度涉及到了资本所有权的流动性这个企业成长最重要的法宝。在我看来,中国资本市场最为致命的缺陷其实应该是资本所有权不能流动这个事实。
China’s economic growth may not be based primarily on the performance of the company, but on the support of the government’s large-scale capital construction investment and the continued growth of direct investment by foreign-funded enterprises. Although we already have big companies like Haier, Lenovo and hope, but relative to China’s economic scale and growth rate, it can be said that China’s enterprises have not taken off yet, and enterprises that have truly become internationally competitive are still rare. In the final analysis, the financial system has constrained local companies from growing up and becoming stronger because it seems that only the financial system has involved the mobility of capital ownership as the most important magic weapon for corporate growth. In my opinion, the most fatal flaw in the Chinese capital market should actually be the fact that capital ownership cannot flow.