中国不完全股票市场:根源与特征分析

本文首先提出了一个经验判断 ,认为中国股市还是一个不完全的股票市场 ,非市场因素对市场成长和运行影响巨大。这种不完全股市的形成有着深刻的政治、经济与文化根源 ,同时 ,也表现出了突出的特征 :市场成长的强外生性、市场功能的体制性变异和市场运行的非市场预期主导。透过这一经验判断 ,我们可以看出 ,下一步发展股市最根本的就是如何打破这种不完全性 ,推动股市效率的提升。

Chinese Imperfect Stock Market:Analysis of Its Origin and Features

The paper firstly gives an intuitive judgment Chinese stock market is an imperfect. Some non-market factors such as government intervention have great influence on the market development and operation. The imperfect market has its profound political, economic and cultural causes, and shows outstanding features strong exogeneity of market development, systematic variation of the market function and non-market expectation dominance. From the intuitive judgment, the development of Chinese stock market should break the incomplicity of the market and improve the market efficiency.