我国证券市场“牛短熊长”现象的经济学分析

Economics Analysis of "Shorter Bull Market,Longer Bear Market"about China Security Market

中国证券市场长期存在“牛短熊长”的异常现象,其根源在于最初“为国有企业摆脱困境,走股份制改造道路服务”的制度安排存在严重的缺失性。由于很多通过股份制改造并上市的国有企业存在股权结构不合理、治理水平不高、经营业绩不理想等现象,导致证券市场已基本丧失了金融资源优化配置的功能,成为国有企业股份制改革的附属品。本文的观点是,对市场进入者资格的确认应以资源最优配置为基准;对交易制度的安排必须坚持择优汰劣的原则;对于监管理念的确立必须以证券市场的长远发展为目标。

There is an unusuall phenomenon of ＂Shorter Bull Market, Longer Bear Market＂ about China Security market. Its source is the shourcomings of the system arrangement about China security market to serve the share reform of the state - ouned enterprises and to malce the state - ouned enterprises to be lifted out of business difficulty. The outcomes are： The share structure is not rational;The level of compary government is not high;The business achievement is not ideal;The security market loses the fanction of capital distribution and becomes the appendage of the state - ouned enterprise reform. The paper expounds that the qualification of the enterprise going into security marlet should be the best epaital distribution;The transaction syster arrangement should be to choose the better, eliminate the worse; The supervision target should be the long- term development of China security market.