公有制条件下中国资本市场非理性结构失衡的制度分析

The Institutional Analysis on Capital Market's Non-rational Structural Unbalance in Developing China's Public Ownership Economy

长期以来，中国的资本市场结构存在严重的失衡现象，尤以企业债券市场与股票市场结构不平衡为甚。试图从国有上市企业产权制度因素以信与之相关的利益驱动来剖析这一问题，所得结论是资本市场上诸多的非理性行为都肇始于国企特有的产权结构，并从资本市场内部中性的制度安排度提出治理建议。

There is serious unbalance in Chinese capital market for a long time, especially between corporation bond market and stock market. Tried to analyze this problem from a new angle of view of property rights rights in the state-corporation and correlative profit, and made some suggestions of institutional arrangement on the solution of the problem.