基于制度和风险视角的股权分置改革时期证券市场研究

Study on Security Market in the Period of the Share Merger Reform Based on Institution and Risks

我国证券市场存在过度投机、市场走势与宏观经济背离、风险结构失衡等问题。股权分置改革引发了我国资本市场全局性、根本性变革,带来股权结构优化和机构投资者治理模式形成等趋势,建议尽快恢复新股发行,简化再融资程序,解除政府隐性担保,完善监管体系。

Chinese Security Market has some problems of the excessive speculation,the divergence between stock market prices and macro-economy as well as the off-balance in risk structure etc.The share merger reform will cause a complete and fundamental reform in Chinese capital market,and bring us the trend of optimization of shares structure and formation of corporation governance of institutional investors etc.We put forward some proposals about the recovery of shares in initial public offerings as soon as possible,simplifying the procedure of refinancing,rescinding recessive hypothecation of the government,and consummating the govern system.