Definition
Itisthemanifestationofthelawofvalueregulatingcommodityproductionandcommoditycirculation.Whentheproductionofcommoditiesexceedsdemand,supplyexceedsdemandinthemarket,pricesfall,andprofitsdecrease.Whenpricesfallbelowthevalue,profitmarginsarelowerthanaverage,commodityproducerswillreduceproduction,reducingsupplyinthemarketanddemandexceedingsupply,Thepricewillriseagain.
Explanation
Market:①Thesumofcommodityexchangerelationsisalsousedasaplaceforcommoditytrading.Reflectvariouseconomicrelationssuchasproduction,distribution,exchange,andconsumption.Itcanbeclassifiedaccordingtoproductvariety,region,industry,anddegreeofdevelopment.Producedwiththedevelopmentofcommodityexchangeandproduction,untilcapitalistsocietybecamethedominanteconomicphenomenon.See"marketeconomy".②Byreferringtothepopularscopeandstatus:thisviewstillhasacertainmarketintheworkingclass.
Adjustment:1.Adjustinquantityordegreetosuittherequirements.2.Remediationandconditioning.3.Makethetunefitintotherhythm.4.Meansthattheweatherisbalancedandmoderately.
Conditions
Pricescanmovefreely,fluctuatingwithchangesinsupplyanddemand.
Commoditycurrencyisabasicandpositivetoolfortheallocationofsocialresources.
Producershavetherighttoproduceaccordingtomarketpricechanges.
Consumershavetherighttobuygoodsbasedonmarketpricesandtheirowncurrencyincome.
Function
Adjustthesupplyanddemandofcommodities
①Whenthesupplyofacertaincommodityexceedsthedemand,thepricerises,andthedemandforthecommoditydecreases.,Supplyincreases;whenthesupplyofacertaincommodityexceedsdemand,thepricedrops,causinganincreaseindemandandadecreaseinsupply.
②Regulatethedistributionofeconomicresourcesamongsocialsectors,regionsandenterprises.
③Regulatethedistributionofmaterialbenefitsamongdifferentinterestgroups.
Itcanencourageenterprisestocompeteandrealizethesurvivalofthefittest;
Itcanstimulatetheproductionenthusiasmofenterprisesandworkers,andmaketheeconomyvigorousandvigorous.
Regulatethedistributionofeconomicresourcesamongallaspectsofsociety
Themarketmechanisminducestheflowofeconomicresourcesthrougheconomicparameterssuchasprices,taxrates,andinterestratestoachieveresourceallocationOptimization.
Regulatethedistributionofmaterialbenefitsamongdifferentinterestgroups
Marketregulationusesbenefitinductionasthebasicmeans.AnychangeineconomicparameterswillcausematerialbenefitsDistributionandredistribution.
Pricesfluctuateupanddownwithvalueasthecenter,sothatthedistributionofsociallaboramongvariousdepartmentscanbeadjusted,sothatproductionandneedstendtobalance;
MarketadjustmentcanreflectandadjustflexiblyMarketsupplyanddemandrelations,guideproductionandconsumption,andencourageenterprisestoproduceandoperateaccordingtomarketdemand;
Canencourageenterprisestocompeteandrealizethesurvivalofthefittest;
CanencourageenterprisesandworkerstoproduceEnthusiasmmakestheeconomyvigorousandvigorous.
Features
Microcosmic
Marketregulationhasthecharacteristicsofflexibilityandconvenienceinthebalanceofsupplyanddemandofasinglecommodity,butitisdifficulttospontaneouslyrealizethetotalsupplyanddemandofthesociety.Macrobalance;
Post-event
Marketadjustmenttakespriceasthebasicsignal,butpricechangesonlyoccurwhenthereisacontradictionbetweensupplyanddemand,sothereisnopre-adjustmentfunction.
Spontaneity
Duetothepursuitofhigherprofits,wheretherearemarketopportunitiesforhigherprofits,variousmarketresourceswillspontaneouslyincrease.
Blindness
Becauseeachproducerinthemarketcannotaccuratelygraspthemarketprospectsfromthemacrolevel,andcannotcontrolthetrendofeconomicchanges,allThedecision-makingofproducersandoperatorswillbeblindedtoacertainextent.
Hysteresis
Decisionsthatarereasonableintheeyesofindividualoperatorsmayhavebeenlaggingatthemacrolevel.Marketadjustmentisakindofexpostadjustment.Thereisacertaintimelagfrompriceformation,pricesignaltransmissiontoadjustmentofcommodityproduction.
Facingproblems
Theestablishmentanddevelopmentofmycountry'smarketeconomyistoachievetheoptimalallocationandcombinationofresourcesthroughtheregulationofthemarket.Thefunctionofmarketregulationhasbecomeahouseholdname.However,theawarenessofitsdrawbacksisfarfromenough.Forexample,ecologicalresourcesandecologicalenvironmentaremostlypublicgoods,whichhaveexternaleffectswithoutenteringthemarket,thatis,theeffectofeconomicman’sactionsontheenvironmentisnotreflectedinthetransactionmethod(cost-benefit).Inthisregard,themarketIt'smalfunctioning.
Defects
Generallyspeaking,puremarketregulationhasthefollowingdefects:
First,puremarketregulationisdifficulttoachievethetotalbalanceofthenationaleconomy.Easily
causecyclicaleconomicfluctuations.Marketadjustmentisachievedthroughfluctuationsinsupplyanddemandandprices.Becauseindividualproducershavelimitedgraspoftheeconomyasawholeandrelevantmarketinformation,theirviewsonthefutureareoftenbiased,anditisdifficultforindividualcompaniestosimplyintegratetheirplansintoaunifiednationwidespontaneously.Planning,itisdifficultfordecisionmakerstocoordinatewitheachother.Forexample,hemayonlyunderstandthesupplyanddemandandpricestatusofrelevantcommoditiesintheregionalmarket,butitisdifficulttounderstandthestatusofthenationalmarket.Hemayblindlyproduceandleadtosurplusorshortage.Whenthiscontradictionreachesacertainlevel,itwillcauseeconomicfluctuationsandeveneconomiccrises.,Leadingtothewasteofsocialwealthandtheregressionofproductivity.Thisrequiresthegovernmenttoprovideplanningguidanceandmakeadjustmentsthroughfiscalandfinancialpoliciestostabilizetheeconomiccycleandavoidmajoreconomicfluctuations.
Second,marketregulationalonecannotsolvethelong-termdevelopmentofthenationaleconomy.Therearetwosituationshere.Firstofall,commodityproducersinamarketeconomybasicallymakedecisionsbasedonprices,butthesupply-demandrelationshipreflectedbypricesisoftenshort-termandcannotreflectthelong-termdevelopmentofthenationaleconomy.Ifproducersareallowedtomakedecisionsbasedonsuchpricechanges,itislikelytobedetrimentaltothelong-termdevelopmentofthenationaleconomy.Forexample,certainproducts,especiallynewhigh-techproducts,havealargepotentialdemandandarecriticaltofutureeconomicdevelopment,buttheyhavenotbeenrecognizedbypeople,thedemandisnotlarge,andthepriceisunfavorable,soproducersareoftenunwillingtoinvest.Ifthegovernmentdoesnotprovideguidanceorimplementpreferentialpolicies,itmayaffecttheoptimalstructureofthelong-termdevelopmentofthenationaleconomy.Anothersituationis:certainbasicindustries,high-techindustries,etc.,havelargeinvestmentscalesandlonginvestmentperiods,andindividualsandenterprisescannotaffordthem.Thegovernmentisalsorequiredtoundertakeorimplementpreferentialpolicies,otherwiseitwillalsoaffectthelong-termdevelopmentofthenationaleconomy.佳结构。Goodstructure.
Third,marketregulationalonecannotsolveeconomicexternalitiesandaffecttheoverallbenefitsofsociety.Economicexternalityreferstothedifferencebetweenthesocialeffectsofsomeeconomicactivitiesandindividualeffects,andbetweensocialcostsandindividualcosts.Inotherwords,economicactivitiesthatarebeneficialtoindividualsmaynotnecessarilybeequallybeneficialtosociety,andmayevencauseharm.Forexample,chemicalplantsproducechemicalproductswithhighprofits,butthedischargedsewagepollutestheriver.Notonlydoesthefoodfactorythattakewaterfromthesameriverfailtoproduceit,butitalsoaffectsthedrinkingwatersafetyofthemasses.Theoppositesituationisthatsomeprojectsmayhavegoodsocialbenefitsandaregoodforregionaleconomicdevelopment,buttheyarenotidealintermsofeconomicaccountingwithintheenterprise.Neitheroftheabovetwosituationscanberesolvedthroughmarketregulationalone,andwilleventuallyaffecttheeffectiveallocationofsocialresources.Therefore,itisnecessaryforthegovernmenttoadoptnon-marketmethodsforregulationandguidance.Forexample,usingadministrativeplanningtorestrictthedevelopmentofcertainpollutingindustries,orcollectingpollutionfeestocontroltheenvironment,andsubsidizingaffectedmanufacturersandresidents.
Fourth,simplemarketregulationcaneasilyleadtothecreationofmonopoly,anditisdifficulttoensurethenormalfunctioningofthecompetitionmechanism,therebyaffectingtheimprovementofoveralleconomicbenefits.Theeffectivefunctionofthemarketmechanismispremisedonfullcompetition,butcompetitiondoesnothavethecharacteristicsofself-sustainability.Completefreecompetitionmustresultinmonopoly.Forexample,incertainindustrieswithsignificanteconomiesofscale,thelargerthescale,thestrongerthecompetitiveness.Eventually,throughthemergerprocessof"bigfisheatsmallfish",amonopolybyseverallargecompaniesisformed,andthesemonopolycompaniesmonopolizerawmaterials,Monopolytechnology,monopolypricesandothermeansmanipulatethemarket,makingthecompetitionmechanismineffective,andultimatelydamagingtheoveralleconomicefficiency.Therefore,opposingmonopolyandensuringfaircompetitionareimportantcontentandindispensabledutiesofgovernmentadministrativeintervention.Incountrieswithunderdevelopedmarketsystems,theroleofcompetitionisstillrestrictedbythelowdegreeofmarketdevelopmentandimperfectmarketorder.Therefore,thegovernmentalsoassumestheimportantresponsibilityofcultivatingandorganizingmarkets.
Fifth,itisdifficultforsocialpublicproductstobedistributedthroughthenormalmarketpricemechanism.Publicproductsareproductsprovidedtotheentiresociety.Theyarecharacterizedbybeingunabletobedividedintoseveralsharesandclassifiedasconsumptionbycertainindividualsorenterprises,andconsumptionbyotherindividualsorenterprisesisrejected.Theincreaseinconsumptionwillnotcauseanincreaseinsocialmarginalcosts.Thisistheso-calledindivisibilityoftheutilityofpublicgoods,thenon-exclusivenessofconsumption,andtheirresistibilityofbenefits.Forexample,theweatherforecastpublishedbytheMeteorologicalStationthroughtheTVnetworkcanbenefitallTVviewers.Whetheritiswatchedby50millionpeopleor500millionpeopledoesnotaffectthecostoftheforecastbroadcastontheday,norcanitchargetheviewersseparately.Examplesofpublicproductsincludenationaldefense,police,environmentalprotection,andcertainpublicfacilities.Therearealsomanyproductscalled"quasi-publicproducts"thatalsohavesomeoftheabove-mentionedcharacteristics.Theseproductscannotbesolvedbyrelyingsolelyonmarketregulation.Theyaregenerallybornebythegovernmentandincludedinthescopeoffiscalfunctions.Someofthemmustbepricedandsubsidizedbythegovernmenttoensurethatthesocietyreceivessufficientpublicproducts.Sixth,relyingsolelyonmarketregulationispronetoincomeinequalityandpolarization.Marketcompetitionisbasedontheprinciplesofsurvivalofthefittestandsurvivalofthefittest,whilealsoacknowledgingtheexistenceofunfairnessandopportunities.Inaneconomywheremarketcompetitionisallowedtofunctionfreely,firstly,becausethequalityandquantityofproductionresourcesownedbyproducersaredifferent,theoutcomeofcompetitionisdeterminedassoonastheyenterthemarket.Atthesametime,riskfactorsrelatedtomarketfluctuationswillalsoaffectcompetition.Theoutcome.Therefore,itwillcausethephenomenonofwideningincomedisparityandpolarization,aggravatesocialcontradictionsandconflicts,andaffectsocialsecurityandstability.Therefore,thegovernmentmustadoptvariousincomedistributionpoliciesandsocialsecuritypoliciestopreventthewideningoftheincomegapandpolarization,andimplementnecessarysocialsecurity.Ingeneral,themarketasameansofsocialresourceallocationisnotperfect.Duetotheexistenceoftheseshortcomings,itisdeterminedthatsimplemarketadjustmentisnotenoughtoensurethemostreasonableallocationofsocialresources,norcanitguaranteethecoordinateddevelopmentoftheeconomyandsociety.Therefore,thegovernmentmustcarryoutmacro-controloverthemarketeconomy.
Results
Firstofall,someecologicalresources(suchasair,rivers,oceans,etc.)havenopropertyrightsorambiguouspropertyrights,whichaffectspeople’senthusiasmfortheprotection,managementandinvestmentofecologicalresources.Causegeneralshort-termbehavior;
Secondly,someecologicalenvironmentresourcescannotformamarket,ormarketcompetitionisinsufficient,thereisnopriceorthepriceislow,resultinginover-utilizationandwaste;
Third,becausemostecologicalresourceshavepropertiessimilartopublicgoods,suchascleanair,naturalwatersources,wildanimals,etc.,theiruseandconsumptionarenotexclusiveandcannotbeprovidedspontaneouslybythemarket.Thishascausedsomemanufacturerstoignorethem.Thegrounddischargeswastegasandwastewaterintotheairandriverwater,causinggreatpollutiontotheecologicalenvironment.Asaresult,undertheinfluenceofmarketregulation,thenaturalenvironmentasapublicgoodcanbepollutedbyanyone,andnoonecanbearthecorrespondingresponsibilityifitispolluted.The"freeriderphenomenon"hasappearedinthetreatmentofpollution,andsomepeopleareevenwillingtotakeamoralhazardtoseekforit.Maximizepersonalinterests.
Marketadjustmentisanadjustmentmethodofeconomicoperationthatiscompatiblewithproductionforprofit.Itstronglypromotesthedevelopmentofsocialproductivityandpromotestherapidgrowthofsocialwealth.Theseeminglyirregulareconomicbehaviorthroughtheroleofmarketregulationwillgenerallypresentamorereasonableresulttoachievetheoptimalcombinationofresources.However,withthedevelopmentofthemarketeconomy,thedrawbacksofmarketregulationhavebecomeincreasinglyprominent.Thefailureofthe"invisiblehand"ofthemarketcaneasilyleadtovariousecologicalproblems.Themarketregulateslocalinterestsandimmediateinterests,butitisdifficulttotakeintoaccountoverallinterestsandlong-terminterests.Notonlydoesmarketregulationfailtoincentivizeandsolvethemostpressingecologicalproblem,itwillworsentheproblemasitdevelops.The"marketomnipotencetheory"isnotomnipotent.Themarketdoesplayanunparalleledroleinregulatingtheeconomy.However,duetotheshort-term,spontaneous,blind,decentralizedandlaggingnatureofmarketregulation,itcannotsolveallproblems.
Securitiesissues
Theproblemsofmarketregulationaremainlymanifestedintwoaspects:
First,themarketlacksaneffectiveself-regulationmechanism.Formorethanadecade,theShenzhenandShanghaistockmarketshaveoftenexhibitedamarketoperationtrendofskyrocketingandslumping.Stockvaluationsareeitherlowerthanthelevelofoverseasemergingmarketsorevenmaturemarkets,orhigherthanthevaluationlevelofoverseasmaturemarketsby2to3times.Lessinareasonableinvestmentarea.Atlowpointsofgreatinvestmentvalue,theShenzhenandShanghaistockmarketsoftenlackthepowerofmarketrebound;athighpointsofextremelyspeculativerisk,theShenzhenandShanghaistockmarketsoftenlackthepowerofmarketself-adjustment.Second,thesignsofadministrativeregulationofthestockmarketaremoreobvious.DuetothelackofanadjustmentmechanismfortheShenzhenandShanghaistockmarkets,andbasedontheconsiderationofthehealthyandstabledevelopmentofthemarket,themanagementadoptedsomeadministrativecontrolandcontrolmeasuresasalastresort.Thiskindofregulationsometimesaddstothecolorofthe"policymarket"intheoperationofChina'sstockmarket,butsometimesitmaynotbeabletoachievetheregulationgoal.
Themainreasonsforthelackofeffectiveself-stabilizationandadjustmentmechanisms
Therearemanyreasonsforthelackofeffectiveself-stabilizationandself-regulationmechanismsintheChinesesecuritiesmarket:
1.Thesecuritiesmarketisahighlymarket-orientedmarket.Theformationofamarketmechanismrequiresalongprocess,andthemarketmechanismneedstoruninrepeatedlytobeeffective.China'ssecuritiesmarkethasonlybeenestablishedformorethantenyears,anditisstillinthestageof"emerging+transition".Theformationofmarketmechanismandtherunning-inmechanismofthemechanismareintheinitialstage.Marketstabilityandmarketregulationstillhavegreaterrequirementsforeffectiveness.distance.
2.Therapidchangesintheoperatingenvironmentofthemarkethaveaffectedmarketstabilityandtheroleofregulatorymechanisms.TheestablishmentandoperationofChina'ssecuritiesmarketformorethanadecadehasalsobeenadecadeofrapidchangesinChina'seconomicsystem,economicgrowthmode,andeconomicstructure.Thesechangeshavehaddirectorindirect,majororsubtle,short-termorlong-termimpactsontheoperationofChina'ssecuritiesmarket,makingitmoredifficultforthefragilestabilityandregulationmechanismofChina'ssecuritiesmarkettofunction.
Realestateindustry
Marketregulationanddevelopmentarehealthier
Therealestateindustryhasalwaysbeenthemostmarket-orientedindustry,withnoaccessrestrictionsandnoqualificationrestrictions.Thecompetitionisfierceanddevelopershaveahardtime.Housingpriceshavenotrisensharplyinthepastmanyyears.However,startingfrom2004,thestatebegantoregulatetheindustry.Thelandcreditcontrolwasverystrong,andtheexpectedreductioninsupplyledtoariseinhousingprices.Theadjustmentofhousingpricesistheresultofeconomiclaws,notpolicycontrols.Thatistosay,eveniftherealestatepolicyisrelaxed,housingpriceswillstillfall.Likethestockmarket,thepolicywillnotbeeffectiveagainstmarketlaws.
Ifthegovernmentdoesnotsavethemarket,thedownturninthemarketwillinevitablyleadtoadecreaseinthenewlystartedareaandadecreaseinrealestateinvestment.Itwillalsoleadtoadecreaseinthesupplyoftherealestatemarketintwotothreeyears,andthustheadjustmentofhousingpricesintheshortterm.Thedownturnintherealestatemarkethasbecomeanewcornerstoneforthehealthydevelopmentoftheindustryinthenextstage.Inthisprocess,realestatecompanieswillsurvivethesurvivalofthefittest,thequalityofhouseswillbefurtherimproved,andhomebuyerswillreceivebenefits.
Thekeypointisthattherealestateindustryisdifficulttoadjustinaccordancewithmarketrules.Localgovernmentshavesuccessivelyintroducedpoliciestoprotectthisindustry.Weestimatethatinthefirsthalfoftheyear,therewillbetworesultsofpolicyrelaxation:ontheonehand,landThelooseningofcreditandcreditwillincreasesupply,whichwillmakethesituationworse;ontheotherhand,thelooseningofmortgagepolicywillcontinuetoblowbubbles,andrationaladjustmentcannotbeachieved;therefore,webelievethatthegovernmentdoesnotneedandshouldnotrescuethemarket.Perhapstherescueisadisaster.
Tosumup,ifthegovernmentdoesnotrescuethemarket,althoughthesentimentmaybemorepessimisticintheshortterm,wecanlookatthemediumandlongtermoptimistically;ifthegovernmentrescuesthemarket,itmaybeoptimisticintheshortterm,butwillbepessimisticinthemediumandlongterm.