论我国证券市场综合治理

Reforming the Chinese Security Market

我国证券市场出现种种问题有其深刻原因。既有宏观背景方面的粗放型经济增长方式、中观层面的国有资本所有者缺位 ,也有微观层面股权二元结构的制度缺陷。变革我国证券市场的关键是要以市场为导向 ,建立起市场定价机制 ,强化市场优化资源配置的功能 ,并加强公司治理的动力 ,提升上市公司业绩 ,夯实证券市场稳定发展的基石。

There are some kind of inner reasons for the problems in the security market, which include the extensive economy growth way in the macro background, the lack of stated assets owners in the industry level and especially, the institutional flaw of duality of share structure in the micro environment.The key to reform China's security market is to establish the market oriented pricing mechanism, improve the resource disposal function of the market, raise the degree of motivation to corporate governance, and finally improve the performance of listed companies, which is the cornerstone of the stable development of the security market.