一個全能政府不一定是最優的，公務員的能力會限制政府的效率，公務員的道德風險可能會扭曲政府的公益性，資本市場的復雜性和信息不透明使得這兩個約束變得更加嚴重。對于政府職能在資本市場中的邊界，我們需要從理論上探討，也需要從實踐中摸索。

參考文獻

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.

樓繼偉，2013，《中國政府間財政關系再思考》。

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

責 編／楊昀赟