中国股市磨难的政策选择

Proposals for China Stock Market in Crucifixion

2007年11月以后,中国股市大幅下落的主要成因在于宏观经济紧缩的政策组合拳和一系列抑制股市上行的政策措施实施,这反映了中国股市依然处于政策调控的走势格局。股市并非国民经济晴雨表,也不具有财富效应。因此,政府部门不应以此而调控股市;政府部门主要职能在于监管股市运行,不能调控股市。股市平准基金不利于股市的健康发展,估值标准必须从中国具体情况出发,它受到制度和体制的严重制约。对中国股市而言,治市重于救市。从发展角度出发,应着重以加法做减法,推进中国股市的健康前行。

The main reasons of the great slump of China stock market are the combination of macroeconomic constrictive policies and the series of policies to restrain the uptrend of the stock market. This reflects that China＇s stock market is still under the control of the polices and that this market neither to reflects the macro--economy nor to have the wealthy effects. Thus, it should not be the duty of the government to adjust the stock market, but to regulate the function of the market. The butter fund goes against the stock market. Valuation of the stock market should coordinate with the characteristics of China＇s stock market and it should be strictly restrained by the institutions. It is more important to govern the market rather than the rescue of the market in China.