当前我国股市功能的缺陷分析

An Analysis of the Defects of China’s Current Stock Market

中国股票市场促进储蓄向投资转化的功能部分扭曲;促进企业转换经营机制、建立现代企业制度的功能发挥不彻底;过分看重股票市场为国有企业筹资的功能,影响到股票市场促进增量资源优化配置功能的发挥;上市公司股权结构不合理、二级市场监管不力,严重影响到股票市场促进存量资源优化配置功能的发挥;分散风险功能薄弱。

China’s current stock market fails, if not completely, to promote the conversion of social savings to investment. Its assumed function of pushing enterprises to transform the managing mechanism and establish modern enter prise institution is not being performed fully, while the function of collecting funds for state-owned enterprises is over stressed, forming a barrier to the optimal allocation of the incremental resources to develop. The equity structure in listed corporations is unreasonable and the regulation of the second market is not strict enough, offsetting its function of optimizing the allocation of existing assets. The function of releasing systematic risks is also weak.