要给证券市场正确定位

中国股票市场不是自下而上自发产生的,而是由政府自上而下建立起来的,政府是股票主要供应者,又是股票市场监管者,这决定了中国股票市场的初始阶段必然是政策市;由于对股票市场定位偏差和制度性缺陷,中国股票市场过度投机,无优化资源配置功能;现在解决中国股市历史遗留问题的条件已经成熟;不能把政府失效产生的问题都推给市场解决,解决中国股市的问题要靠政策与市场的合力,现在关键在政策力度.

To Establish the Position of China's Security Market

China's stock market was not born spontaneously from bottom to top but built from top to bottom by its government. The government was not only the main supplier for stocks but also the market supervisor, which inevitably determined that the original phase of China's stock market was policy market. Owing to the orientation deviation and the deficiencies in the system of China's stock market, it can't optimize the allocation of resources but result in over-speculation. The author argues that it is high time for China to solve the problems left over by history on the stock market. The problems caused by the government invalidation cannot be compelled to the market. The solution to its problems relies on the joint forces of policy and market. At present, policy strength is the key point.