</span><span style="font-size: 10.5pt; font-family: 宋体; color: rgb(204, 51, 0);">用于在股市上购买企业的股票。两种货币不能互兑。国家把全部社会资产扣除公益性资产后,将生产性资产的价值以证券货币形式无偿地分发给每个公民。公民用它</span><span style="font-size: 10.5pt; font-family: &quot;color:rgb(204, 51, 0);&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体; color: rgb(204, 51, 0);">购买股票,并因此获得股东权益。股票与证券货币不能转让,也不能馈赠,只能以市场上的证券价出售。股票与证券货币也不能继承,持有者死后将上交国家重新分</span><span style="font-size: 10.5pt; font-family: &quot;color:rgb(204, 51, 0);&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体; color: rgb(204, 51, 0);">配。持有者可以用他的证券货币直接投资于股市,也可以通过投资中介进行信托投资以减少风险。<br/></span><span style="font-size: 10.5pt; font-family: &quot;&quot;;"><span lang="EN-US" style="color: rgb(247, 247, 247);"></span><span lang="EN-US">
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</span></span><span style="font-size: 10.5pt; font-family: 宋体;">罗默认为,这样的体制保留了相对自由运行的市场机制,又实现了公平的产权分配,消灭了资本家阶级。由于禁止股权继承与证券货币在两代人之间的代际转让,个人积累资本财富的可能性很小。因此证券社会主义也叫做</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">人民资本主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">或曰</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">无资本家的资本主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">。</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;"><span lang="EN-US" style="color: rgb(247, 247, 247);"></span><span lang="EN-US">
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</span></span><span style="font-size: 10.5pt; font-family: 宋体;">把这种</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券社会主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">的</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">设计与东欧转轨中的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券私有化</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">相比较,其基本点的相似是一望可知的:它们都是一种</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">人民资本主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">模式,都强调起点平等与规则平等,而容忍一定程度上</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">的结果不平等;都以把社会资产按价折股、公民无偿平分股权认购资本</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">不是直接平分股票</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">的思路作为设计的主线;都允许证券资本之外仍保留若干其他私有成</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">分;都设计了证券货币、股市和投资中介</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">基金会</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">等一系列运作环节;都承认股市中的盈亏、竞争、风险与公民最后得到的股票价值不相等,等等。毫无疑问,这</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">两种思路互有借鉴,分析马克思主义的构想包含了来自东欧转轨实践的启示,而东欧的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券私有化</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">也吸收了罗默的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券社会主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">的创意。</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;"><span lang="EN-US" style="color: rgb(247, 247, 247);"></span><span lang="EN-US"><br/>
</span></span><span style="font-size: 10.5pt; font-family: 宋体;">但仍有两点需要强调:</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">
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</span><span style="font-size: 10.5pt; font-family: 宋体;">首</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">先,东欧的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券私有化</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">的思想是从</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">起点平等、自由竞争</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">的中派立场</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">即介乎右翼国家主义与左翼社会民主主义间的自由民主主义价值</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">中导出的,它并不是</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">左派的专利。而在现实政治中,它既可能为左派支持、右派反对</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">如在保加利亚</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">,或右派支持、左派反对</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">如罗马尼亚</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">,或中派支持、左右两翼皆反对</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">如</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;"> 1991-1993</span><span style="font-size: 10.5pt; font-family: 宋体;">年间的波兰</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">,也可能各派对此均无兴趣</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">(</span><span style="font-size: 10.5pt; font-family: 宋体;">如匈牙利</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">)</span><span style="font-size: 10.5pt; font-family: 宋体;">。因此不必过分强调其意识形态色彩。</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;"><span lang="EN-US" style="color: rgb(247, 247, 247);"></span><span lang="EN-US">
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</span></span><span style="font-size: 10.5pt; font-family: 宋体;">其次,罗默的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券社</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">会主义</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">与东欧的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券私有化</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">也有许多区别。东欧实施的</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">证券私有化</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">只是诸种私有化手段之一,即它只把社会资本中的一部分拿出来以证券方式平分给全体</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">公民,其他部分则以拍卖、折抵债务、企业内部私有化或退赔等办法来私有化。也就是说,罗默方案与东欧方案有</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">全部平分</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">与</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">“</span><span style="font-size: 10.5pt; font-family: 宋体;">部分平分</span><span lang="EN-US" style="font-size: 10.5pt; font-family: &quot;&quot;;">”</span><span style="font-size: 10.5pt; font-family: 宋体;">之别。另外,罗默方</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">案要求割断商品货币与证券货币间的联系,不允许两者互兑,以免一部分居民为换取现金把自己的证券卖给另一部分人,从而破坏证券分配的平均,而东欧没有做到</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">这一点。还有,罗默方案规定公民分得证券货币兑成股票可终身持有,但不能传给子孙,即它并非完全的私有财产,而东欧的证券私有化只在于以起点平等出发、在</span><span style="font-size: 10.5pt; font-family: &quot;&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体;">规则平等的条件下实行竞争,<span style="color: rgb(255, 0, 0);">竞争结果的不平等是受到承认的。因此公民分得的股票即为完全的私有财产,可以继承。这也是罗默等人对东欧的证券私有化进行批评</span></span><span style="font-size: 10.5pt; font-family: &quot;color:rgb(255, 0, 0);&quot;;">
</span><span style="font-size: 10.5pt; font-family: 宋体; color: rgb(255, 0, 0);">的原因。</span>
[此贴子已经被作者于2009-2-22 11:21:01编辑过]