我国证券市场体制性缺陷与投资风险分析

与国民经济长期高增长相背离,证券市场出现了深幅下跌,投资者承受了巨大的投资风险,究其原因,体制性缺陷是重要因素之一。笔者认为,我国证券市场的体制性缺陷主要表现在市场经济环境不够完备、法律法规体系不十分健全、监管体制不力、证券市场的功能定位扭曲、股权分置问题久拖难决等方面。目前该体制性缺陷是导致我国证券市场长期下跌的重要原因,也给证券投资者带来了巨大的投资风险。只有加快改革、完善法律和监管体制,我国证券市场才能具有投资价值并健康发展。

Analysis on Systemic Defects and Investment Venture in China Security Business

The systemic defect is one of the important reasons for why long-term rapid increase in economy deviates from large-scale drop in security business. The investor has been bearing tremendous investment venture. The systemic defects in security business include imperfections in market economy environment and laws and regulations, absence of appropriate inspection, twist in the function of security business, delayed reform of split (tradable and non-tradable) share merger etc. These systemic defects are the main cause of large-scale drop in China security business, and bring tremendous investment venture. The exclusive approach to make the security business worth investing and healthy development is to innovate and consummate the legal and inspection systems.