The transformation of the country's economic purpose is to establish a market economy, the market economy system includes commodity markets, raw materials market, capital market and labor market. Chinese capital market in the modern market economy the display main effect, capital market is not only once traditional savings into capital of the occasion, it in the progress of capital set equipment, furnishings effect, promote economic growth effect is becoming more and more significant, is modern market economy indispensable part. Whether the developed countries still have Chinese growth degree of the capital market growth as a priority among priorities, the transition state is no exception. Countries in transition in establishing market economy, capital market is also abnormal value influence, to establish the capital market as the main content of the perfect market economy. Transition state capital market establish fundamental are flourishing country market in the form of reference, however the state capital market in the process of setting up because of differences between the means of transition, the transformation of the form, the transformation of the objective, the transformation method, capital market development and characteristics are different, in economic activity in the position and role are different, too. Because the transition state capital market is lack of mature market economy country capital market natural evolution process, the establishment of capital market system is authorities "design" and "transplant" results, to the growth of the national capital market both transition and emerging market dual characteristics. Transition state capital market is built on a piece of "wilderness" the framework of capital market, this framework in theory need to undergo all kinds of test, the capital market exists many uncertain factors. The Russian economy is taking the "conservative" approach, the capital market to establish and grow strange is taking the "conservative" approach. Whether it is to promote the construction of rail system still free of, the Russian capital market from the beginning on the use of the mature market economy countries, the transformation in the form of this kind of Eve knife broad axe on the capital market to grow the profound influence. From the Russian capital market growth trajectory, can be significant dividends in two stages, mature stage of growth capital market capital market growth of the embryonic stage and after 2000 2000. Results in this paper, a transition period in the various stages of the Russian capital market growth analysis, includes capital market, establishing initial conditions, capital market set up the characteristics of the process, capital market, capital market influencing factor, capital market effect, capital market effect, and so on. The first is the initial premise to establish the capital market, the capital market to establish joint action have been a series of constraints, these constraints in the capital market to establish and grow in the process play a different role; the second is the evolution process of the capital market, this new system economics analysis of actual capital market system and the evolution of Russia in practice, property in the process of economic transition in Russia, the relationship between property rights and capital market evolution, with institutional change that the actual evolution of capital market system; the Russian capital market in 1998 after the capital market crisis that has very big difference, the capital market to the capital market crisis growth is divided into two stages, before 2000, the capital market is growing in the embryonic stage, this stage is important to establish the market system, the Money market fluctuations, after 2000, the capital market into the mature stage, this stage important is perfect market system, capital market trend is steady; a late stage of the growth of the capital market, focusing on analysis of the authorities and the corporate governance structure of the two capital market crux of identity, through the process of new political economics theory alert authorities to financial industrial groups to make concessions to capital market development impact. After the transformation of Russia constitute the company management structure of external control, this kind of company management structure also affected capital market growth; capital market crisis in Russia is the internal and external reasons with the role of the results, said through the process of analysis reveals the capital market exists in the growth process of the achievements and the capital market; after the crisis, the Russian capital market on the right track gradually, the market scope and influence expands ceaselessly, capital market gradually perfect all kinds of market efficiency; the Russian capital market for more than 10 years of history, is from immature to mature, a major mark is the market stability in the country and strengthen, in the transition process by the property and economy the relevant market. According to the statistical data of the Russian capital market since 1995, using Eviews software to analyze the usefulness of the capital market. The first is based on the transformation of the characteristics of the Russian capital market analysis China capital market exists in the growth in the performance and processing way. Through the process of Russia capital market evolution, characteristics, influencing factors, efficacy and usefulness, etc. analysis, this article reveals the economic transformation affect the crux in the development of capital markets, thought the coupling relationship of growth economic transformation in the institutional structure construction and the capital market. Different stages of growth in the capital market, the coupling relationship is different. Late in the growth of the capital market, adapt to the market economy institutional structure although early on by authorities to "design" and "transplant" to the capital market, but due to restrictions by the constraint condition, especially after the transformation of the economic recession and poor corporate governance structure of the constraints, the money market of the rail system could not properly display their role. Into the stage of the growth of the capital market, followed by property right, market supervision in place, market intervention investors know the progress, institutional mechanism of market economy in the capital market effect is getting more and more of the eve, the Russian capital market growth also is getting better and better. Along with the rapid development of the Russian capital market, capital market efficiency rise ceaselessly, capital market on the economy increase effect is bigger and bigger, the Russian capital market was close to the transition early authorities imaginary mature market economy country market system. 目录: |
