The Stock Market And The Industrial Organization End Of Study Of The Relationship

Since the reformation and open policy, Chinese economic growth have kept high speed . However the ability to gain profit of listed company decline obviously year by year. The reason are various, one of which is the problem of industry organization, a problem waiting to resolve necessarily. So it need optimize industry organizationThrough 70years development and enriched by Harvard School, Chicago School and new Austria School, the theory of industry organization became a comprehensive theory system. In China it also improved greatly from learning and experience. Recently, some western scholars have started to pay attention to the role of stock market in industry organization. Chinese researchers also notice this point, and educe some beneficial conclusion.Industry organization optimization includes the rationalization of market structure, firm behavior and firm organization, which affect each other. The firm behavior is the basic and core of industry organization, not only fits market structure, but influences and changes market structure. Industry organization optimization is incompletely a self-adaption process and is affected by various aspects. In this process stock market make important function. In western countries mature stock market has four aspects of mechanism to enhance industry organization optimization. The first is supplying financing location, which can create condition of firm's entering and scaling. The second is supplying bridge to M&A, which can facilitate stock resource to good firm. The third is supplying direct financing and exiting mechanism to small firm by the second board as a special market. The fourth is pushing the process of setting and perfecting corporate governance by stock market, which benefits to adjust and perfect firm organization.There are some function to the change of firm financing by Chinese stock market, but the absence of other function are serious. As a whole, the experience of Chinese stock market are not successful. The problem is ignoring the function of resource collocation and emphasizing the function of financing. The institutional...