我国证券市场的价格机制缺陷及改进措施

The Price Mechanism Defect of our Country Security Market and Improving Measure

价格机制合理与否决定了证券市场的价值发现功能和资源配置功能的发挥程度,国内外实践表明,最有效的价格机制就是市场化的价格机制。目前我国证券市场的价格机制被严重扭曲,证券价格不是内在价值和供求关系的真实反映,形成了许多畸形的股票价格。这种扭曲的价格机制存在着极大的缺陷,不可能担当起引导社会经济资源流向的重任,会造成金融资源的错误配置。因此,我国证券市场必须加快推进市场化和规范化进程,努力培育市场化的价格机制,建立科学、合理的公司价值评价体系,切实提升证券市场配置与整合社会经济资源的能力。

Whether the price mechanism is rationally or not has determined the playing degree of the value - finding function and the resource distribution function of the security market, the practice of domestic and international indicates, the most effective price mechanism is the market-based price mechanism. The price mechanism of our country security market is twisted seriously at present, the security price is not the true reflection of inherent value and supply - demand relationship, has formed a lot of deformity stock price. The price mechanism twisted has great defect, it is impossible to bear the important task of leading social economic resources, will cause the mistake disposion of financial resources. So, the security market of our country must accelerate advancing marketization and standardized process , make great efforts to foster market- based price mechanism, set up scientific , rational appraising system of company value, promote the ability of disposing and combineing the social economic resources of security market conscientiously.