中国A股的动力与阻力

The Motive and Drag Forces in Chinese A-shares Market

2014年7月至9月,在内外部环境好转、资金供给增长、技术调整到位、投资者信心恢复、制度改革与创新开始推进等积极因素的推动下,中国A股开始走强。但目前而言,中国A股走向长牛尙存在制度障碍严重、股市结构不合理、金融泡沫较严重、投机性交易盛行等阻力。制度因素是关键,中国必须以保护投资者利益和提升股市竞争力为目标不断改进游戏规则。当前,A股制度改革的重心应该落脚在发审制度、交易制度与投资者保护制度上。

From July to September in 2014, Chinese A -shares market is starting strong under the impetus of some positive factors such as the internal and external environment improves, the money supply increases, the technical adjustment is in place, the investors＂ confidence restore, the system reform and the innovation begins to promote. But for now, there are these drag forces prevent Chinese A - shares market getting into a long bull： financial bubble and institution barriers are serious, stock market structure is irrational, and speculative transaction is prevailing. The institution factors are key, and China must improve the rules of the game continuously to protects the interests of investors and enhances market competitiveness. At present, the priorities of A - shares market system reform should focus on the publish and approval system, trading system and investor protecting system.