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
责 编／杨昀赟
