我国股市稳定机制研究

A Study of the Mechanism of China's Stock Market

完整的股市稳定机制包括短期和长期稳定机制。短期稳定机制的主要作用在于对付股市的日常波动;长期稳定机制的主要功效在于对付股市的基本波动。但二者并不是彼此孤立的,它们相互依存,互为基础和前提。比较而言,成熟股市比较关注长期稳定机制的构建,而新兴股市则比较重视短期稳定机制的设计;作为“新兴+转轨”的中国股市,既要致力于短期稳定机制的设计,也要致力于长期稳定机制的构建。

An integral mechanism of a stock market is composed of a short-term mechanism and a longterm one for stability. The chief role of the former lies in dealing with the daily fluctuation while the function of the latter is coping with the basic fluctuation .The two are mutually dependant with each other： with each being the foundation of and prerequisite for the other. In contrast with the newly-emerging stock market which attaches importance to the designing of a short-term mechanism for stability, a mature stock market stresses the founding of a long-term mechanism for stability. China＇s stock market, featured with＂ new emergence plus transition＂, should be devoted both to the designing of a short-term mechanism for stability and to the founding of a longterm one for stability.