行政操控、投机主导与股市困境——中国股票市场20年回顾  

Government Control,Speculative Dominant and the Dilemma of Stock Market——Review 20 Years of China Stock Market

作　　者：文炳洲[1] 杨永强 

机构地区：[1]西安科技大学管理学院,西安710054 [2]华亭煤业集团马蹄沟煤矿,744103

出　　处：《财经理论研究》2014年第4期88-96,共9页Journal of Finance and Economics Theory

摘　　要：规范的股票市场具有筹措资金、优化资源配置、改善公司治理、价格发现及促进经济发展等重要功能,是国民经济的"晴雨表"。由于上市公司违规猖獗加之市场监管不力,中国股票市场成为造假圈钱、投机冒险、杀贫济富、权贵洗钱的场所。20年当中既没有成就一家世界级企业,也没有引发全民财富效应。相反,它浪费社会资源,将中产阶级打回原形,严重伤害民众参与改革的热情。Standardized stock market has important functions to raise funds, optimize the allocation of re- sources, improve corporate governance, price discovery and promotion of economic development, is an economic ＂barometer. ＂ Due to listed companies＇ rampant violations and market supervision ineffective, China＇ s stock mar- ket has become a place to the fraud misappropriating, speculative adventure, fighting the poor and relieving the rich, the power and the rich money laundering. In 20 years, there is neither a world - class enterprise, nor lead to universal wealth effect. Instead, it is a waste of social resources, turned the middle - class into a pumpkin, and se- rious injury enthusiastic people involved in the reform.

关 键 词：股市生态 逆向选择 马太效应 监管失灵 金融风险 

分 类 号：F224.32[经济管理—国民经济]