论资本市场中的政府职能：目标、定位与边界

    即使我们拥有一个全心全意为人民服务的政府，也无法假设所有个人和企业会全心全意配合政府意图。政府参与资本市场活动的过程，是政府与市场的博弈，是一种交易，而政府职能边界的清晰，就像科斯提出的产权明晰一样，有利于交易的达成，有利于资本市场风险的准确定价，从而提升效率和社会福利。对于市场活动的监督和管理，比较合适的做法是设立负面清单，这样可以鼓励市场的创新；而对于政府职能的界定，我们可能需要设立正面清单，作为政府职能的一个自我约束，显然在这种情况下，“有事找政府”可能已经不太适于描述政府职能的定位了。政府职能边界的明晰需要依赖包括立法在内的承诺机制，这就需要我们精巧的顶层设计，既保证承诺机制的有效性，又保证必要时政府突破现有职能边界的灵活性。
    一个全能政府不一定是最优的，公务员的能力会限制政府的效率，公务员的道德风险可能会扭曲政府的公益性，资本市场的复杂性和信息不透明使得这两个约束变得更加严重。对于政府职能在资本市场中的边界，我们需要从理论上探讨，也需要从实践中摸索。
    参考文献
    Milton Friedman, Why Government Is the Problem"(Essays in Public Policy).
    John Maynard Keynes, 1936, The General Theory of Employment, Interest, and Money.
    Yingyi Qian and Gérard Roland, 1998, "Federalism and Soft Budget Constraint", American Economic Review, 88(5), pp. 1143-1162.
    Adam Smith, 1776, The Wealth of Nations.
    楼继伟，2013，《中国政府间财政关系再思考》。
    On the Functions of Government in the Capital Market: Goals, Positioning and the Boundary
    He Yiping
    Abstract: Under the condition of market economy, the fiscal policy is a secondary means of allocation of social resources. The government can also influence the allocation of social resources by intervening in the capital market. In the capital market, the government not only acts as the maker and maintainer of the rules, but also participates in its operation through the issuance and trading of treasury bonds, the holding of shares of enterprises, the provision of guarantee for the financing of enterprises, and the crisis relief. This paper reviews the government intervention in the capital market and its evolution since the reform and opening up. Based on this, it discusses the boundary of government functions in the capital market from three perspectives: the first is the boundary between fiscal means and financial instruments; the second is the boundary between government credit and market credit; the third is the definition and expectation management of the boundary of government functions.
    Keywords: Resource allocation, capital market, government credit, function boundary

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