结论：下一步行动
支持强大证券市场的复杂制度无法快速建立。正如路易斯·洛温斯坦在解释美国会计惯例时说的那样：“我们的披露制度的各个方面——会计准则、法律行业、行政监督、大量的分析师、新闻界——都是在长期过程中一砖一瓦地建立起来的。” （*97.Lowenstein (1996)，同脚注，第1361—1362页。）
一些制度可以先于市场发展。其他制度只会随着证券市场的发展而发展。许多转轨经济体几乎没有或根本没有上述核心制度。它们应该从哪里开始呢？
一个重点关注的领域应该是土生土长并且可以先于市场发展的制度。这一工作可以从诚实的法院、监管者和检察官开始，无论一个国家的资本市场采取何种形式，这些都是至关重要的。政府的诚实不只是对资本市场发展至关重要。
第二个好的起点是良好的资本市场规则。保护投资者的规则只是支持证券市场的制度框架的一部分，但它们可能使该框架中的其他要素更快地发展。此外，这些规则很大程度上可以从外部引进。但是，引进国需要明白，如果它聘请五组外国顾问，那么他们将推荐五种不同的法律，相互之间不一致且与该国现有的法律相抵触。本地起草者需要密切参与起草过程，以确保规则适合现有的法律框架，并尽量以现有的术语和惯例来构建。即使顺利，这一过程也将持续多年。许多国家急于完成这项工作，反而欲速则不达。（*98.关于对从外部引入的规则的本地改造和理解，参见DANIEL BERKOWITZ, KATHARINA PISTOR & JEAN\|FRANCOIS RICHARD, ECONOMIC DEVELOPMENT, LEGALITY, AND THE TRANSPLANT EFFECT (working paper, 1999),可从以下网址获得：http://papers.ssrn.com/paper.taf?abstract_id=183269 (Social Science Research Network)。关于我自己将本文讨论的原则改造到具体背景的工作，参见Black(2001),同脚注, 以及Black, Metzger, O’Brien & Shin (2001), 同脚注。）
会计准则是信息披露的核心。国际会计准则委员会即将制定一套可行的国际会计准则，而各国可以在制定自己的准则时借鉴该准则，甚至全盘接收。
如果声誉卓著的中介机构势单力薄或数量特别少，那么另一个重要的长期步骤就是建立或加强商学院（培养投资银行家和会计师）和法学院（培养证券律师和监管者）。投资于培训年轻人需要数十年的时间才能有所收获。但是，如果不投资，那么几十年以后，该国仍然不具备所需的前提条件。在这里，大量借用是可行的方法，一国可以设立一个项目（也许有外国援助资金），将顶尖的学生送到外国专业学校。
在发达国家，学者经常认为良好的公司治理围绕着董事的独立性、审计委员会的存在和作用、对公司控制权市场的约束等展开。在发展中国家，公司治理的内容通常是非常初级的。这些国家在担心上市公司董事会是否拥有占多数的独立董事之前，需要诚实的法官和监管者、良好的披露规则以及创建诚实文化。
(中国政法大学黄健栓译)
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