功能错位的中国股市

Distortion of China's Stock Market Function

在寻求国有企业风险转移途径的过程中,政府借助国有股东身份谋利,从而使股市的微观功能被过分放大、宏观功能被扭曲,进而造成各种市场问题,导致金融系统风险不断累积。因此,政府必须尽快退出国有股东特权地位,停止向股市转移风险,以充分发挥股市的资源优化配置功能。

In the process of seeking for reallocating the risks of state-owned enterprises, the government discovered and took full advantage of the profound to obtain benefits as the holder of state-owned shares, It induces various problems to the stock market and makes the risks accumulation in financial system by blowing up micro-functions to the government and SOE excessively and distorting macro functions of stock market. Therefore, it is urgent for the government to give up the franchised status as the holder of state-owned shares, stop reallocating risks to market and bringing the function of optimizing resources allocation into full play.