改制并未解决国有资产的产权不明晰、所有者缺位等问题， 国有股“一股独大”更是上市公司严重的公司治理缺陷。■ 在这种企业制度下，不可能改变国有企业预算软约束、经营 效率低的痼疾，融资条件的改善并没有相应增强上市公司的 盈利能力。 ■ 相当多的上市公司并不值得巨资投入。■ 高价发新股、配股，无疑等于巨额资金以极其低廉的成本流 入众多效率不高的上市企业，必将加剧我国股市资源配置的非效率，造成巨 The reform did not solve the problems such as unclear property rights of state-owned assets and the absence of owners, and the state-owned shares “dominated by more shares” were more serious corporate governance defects of listed companies. ■ Under this kind of enterprise system, it is impossible to change the soft budget constraint of state-owned enterprises and the inefficiency of operating efficiency. The improvement of financing conditions does not correspondingly enhance the profitability of listed companies. A considerable number of listed companies is not worth the huge investment. High price of new shares, rights issue, no doubt equal to the huge amounts of money at an extremely low cost into many inefficient listed companies, will inevitably increase the inefficiency of China’s stock market allocation of resources, resulting in huge