国家体改委副主任刘鸿儒在1992年6月23日《人民日报》上发表的文章中说: 实行股份制对于解决当前中国经济发展中的一些重大问题,可以作出它应有的贡献。例如,国民经济发展要有一定的速度,这就需要有资金投入,而国家却缺少资金,财政困难比较大,这是一个矛盾。解决这个矛盾,就需要把群众手里的钱用多种方式转化为建设资金。实现这种转化,过去只有一个渠道,这就是通过银行间接融资,但过多地压在银行身上会增加通货膨胀的压力。股份制试点经验已经证明,通过发行股票直接融资也是一条渠道。它的好处在于不还本只分红,共担风险。经过12年的改革,国民收入的分配格局已经发生了变化,居民收入增加(个人所得所占的比重由1978年的49.3％上升为1990年的61.3％),这就为发行股票集资提供了条件。又如,经济结构不合理是我们面临的一个重要问 Liu Hongru, deputy director of the State Commission for Economic Restructuring, said in an article published in the People’s Daily on June 23, 1992: The implementation of the shareholding system can make its due contribution to solving some major issues in China’s current economic development. For example, there must be a certain rate of development in the national economy. This requires capital investment. However, the state lacks funds and the financial difficulties are relatively large. This is a contradiction. To solve this contradiction, we need to convert the money in the hands of the masses into funds for construction in various ways. In the past, there was only one channel for such a transformation. This was the indirect financing through banks, but putting too much pressure on banks would increase the pressure on inflation. Joint-stock pilot experience has proved that direct financing through the issuance of shares is also a channel. Its advantage is that it does not only pay dividends, but share the risk. After 12 years of reform, the pattern of the distribution of national income has changed. Residents’ income has increased (the share of personal income increased from 49.3% in 1978 to 61.3% in 1990), which provided the conditions for the issuance of stock-raising funds . Again, the irrational economic structure is an important question we are facing