从股市暴跌透析我国股票市场混乱和波动的根源

Sources of Confusion and Fluctuation in Chinese Stock Market

我国股市长期处于一种混乱和大幅波动的状态 ,自 2 0 0 1年 7月初以来 ,我国股市暴跌 82 2 90点 ,造成这种局面的根本原因就是我国股票市场一系列有缺陷的制度安排。本文从制度分析的角度 ,对造成股市混乱和波动的根源进行了深入的剖析 ,并提出了解决问题的措施 ,力求为规范我国股市的发展 ,提高资本市场效率 ,完善资本市场功能提供理论依据。

Chiese stock market has been confused and fluctuant for a long period. The indices of the stock have slumped for 822 90 points since July, 2001. The ultimate reasons which caused this situation is that a series of defective institutional arrangements in our stock market. This paper will make thorough analysis on the sources of confusion and fluctuation at institutional analyzing angle and bring forward some advisable measures to settle the problem. It establishes the theoretical foundation for normalizing the development of the stock market; improving the efficiency of the capital market and improving the function of capital market.