| 行政操控、投机主导与股市困境——中国股票市场20年回顾 |
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| 引用本文： | 文炳洲,杨永强.行政操控、投机主导与股市困境——中国股票市场20年回顾[J].内蒙古财经学院学报,2014(4):88-96. |
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| 作者姓名： | 文炳洲 杨永强 |
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| 作者单位： | [1]西安科技大学管理学院,西安710054 [2]华亭煤业集团马蹄沟煤矿,744103 |
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| 摘 要： | 规范的股票市场具有筹措资金、优化资源配置、改善公司治理、价格发现及促进经济发展等重要功能，是国民经济的“晴雨表”。由于上市公司违规猖獗加之市场监管不力，中国股票市场成为造假圈钱、投机冒险、杀贫济富、权贵洗钱的场所。20年当中既没有成就一家世界级企业，也没有引发全民财富效应。相反，它浪费社会资源，将中产阶级打回原形，严重伤害民众参与改革的热情。
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| 关 键 词： | 股市生态 逆向选择 马太效应 监管失灵 金融风险 |
Government Control,Speculative Dominant and the Dilemma of Stock Market --Review 20 Years of China Stock Market |
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| Institution: | WEN Bing - zhou, YANG Yong - qiang (1. School of management Xi＇an University of Science and Technology, Xi＇an 710054, China; 2. Matigou Coal Mine Huating Coal Group,Pingliang 744103, China) |
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| Abstract: | Standardized stock market has important functions to raise funds, optimize the allocation of re- sources, improve corporate governance, price discovery and promotion of economic development, is an economic ＂barometer. ＂ Due to listed companies＇ rampant violations and market supervision ineffective, China＇ s stock mar- ket has become a place to the fraud misappropriating, speculative adventure, fighting the poor and relieving the rich, the power and the rich money laundering. In 20 years, there is neither a world - class enterprise, nor lead to universal wealth effect. Instead, it is a waste of social resources, turned the middle - class into a pumpkin, and se- rious injury enthusiastic people involved in the reform. |
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| Keywords: | stock market ecology adverse selection Matthew effect regulation failure financial risk |
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