文章所述上市公司制度性缺陷主要是指公司治理的缺陷 ,它包括内部治理和外部治理两个方面 :从内部治理来看 ,主要是 :行政权力和行政机制几乎控制了从企业股票发行到上市直至公司运作的全过程 ;股权结构的畸形和单一 ;内部人控制 ;上市公司目标的扭曲 ;公司治理组织架构的矛盾和冲突等。从外部治理来看 ,主要是 :市场治理机制的不完善或治理力度不够 ;有关监管机构的监管不力和市场中介机构的不健全等 The systematic defects of listed companies mentioned above mainly refer to the defects of corporate governance, which include internal governance and external governance. From the perspective of internal governance, the main ones are: the administrative power and the administrative mechanism control almost everything from the issuance of corporate shares to the listing Until the company’s operation of the whole process; ownership structure deformity and unity; internal control; distortion of the goals of listed companies; corporate governance organizational structure of the conflicts and conflicts. From the external governance point of view, the main ones are: imperfect market governance mechanisms or insufficient governance; poor supervision of regulatory agencies and market intermediaries are not perfect