商学研究

价格水平、供求关系和竞争态势等影响市场发展走向的因素，是市场主导的关键变量，影响社会投资的产出效益和有效性水平。维护社会资本最终所有权和法人所有权的完整性、排他性，有利于形成产权有效激励机制和收益有效激励机制，进而有利于构建有效社会投资的动力机制。完善市场运行体制机制和建设全国统一大市场，能够推动社会资本的价格灵活反应、供求灵活变化、竞争公平有序;将传统股份制变革为新型股份制，明晰社会资本最终所有权和法人所有权的完整性、排他性，是维护有效社会投资的市场主导原则和构建有效社会投资动力机制的内在需要。深化对有效社会投资的市场主导原则和动力机制的理论认识，具有一定的理论价值和现实意义。

The price level,supply and demand relationship,and competitive situation that influence the development direction of the market are key factors dominated by the market,affecting the output efficiency and effectiveness of social investment. Maintaining integrity and exclusivity of the ultimate ownership of social capital and corporate ownership is conducive to the formation of effective incentive mechanisms for property rights and income,as well as the construction of a motivation mechanism in effective social investment.Improving the market operation system & mechanism and building a unified national market can facilitate the flexible response of social capital prices,flexible changes in supply and demand,and fair and orderly competition. Transforming traditional shareholding system into a new type of shareholding system can clarify integrity and exclusivity of the ultimate ownership of social capital and corporate ownership,which is an inherent need to maintain the market orientation principle of effective social investment and build a motivation mechanism in effective social investment. Deepening the understanding of the market orientation principle and motivation mechanism in effective social investment has certain theoretical value and practical significance.