中国股市:困境与出路

The Stock Market in China: Predicament and Outlet

中国股市的试验性特征,明显存在着理论准备不充分的缺陷。中国股市走到今天,再也不能简单地摸着石头过河,必须认清股票上市的一般理论与规律,明确中国股市的主要问题和原因。为此,应结合国企改革,掌握国有企业上市的基本原则,从国有股所有者代表的责任、理顺所有者代表与经营者之间的利益关系、规范上市公司的行为、调整和优化上市公司结构、强化监管主体的职责范围、切实提高股民素质等方面来摆脱中国股市目前的困境。

Due to the tentative characteristics of the Chinese stock markt, there obviously exists the shortcoming of very insuffi- cient theoretical preparation. Nowadays, the Chinese stock market cannot keep the way of simply fording the river by feeling for the stones. The general theories and regulations regarding the floatation of shares have to be clearly recognized, and the main problems as well as their causes in the Chinese stock market have to be identified. Therefore, in order to get rid of the dilemma in the Chinese stock market, the reform of the state-owned enterprises should be integrated, the basic principles for the stock list- ing of state-owned enterprises should be mastered, and the following points should be taken into consideration： straighten out in- terest relationship between the owner representatives and the operators according to the responsibility of the owner representatives of state-owned equity; standardize the behaviors of the listing companies ; adjust and optimize the structure of stock market com- panies; enhance the responsibility range of the supervision agency; improve the quality of stock investors.