论文部分内容阅读
借用一个体育名词，2004年之于中国股市投资者,是一段漫长的“垃圾时间”(指胜负已无悬念,只待终场哨声响起的一段比赛时间)。 这个低迷的局面几乎是注定的。股市为国企脱困服务?还是为市场经济服务?这个大是大非一旦被认识,朴素的疑问就出来了:为脱困而上市的国企仍是占据股票市场的主体,其虚华表面一旦剥去,便成为股票市场走低的主力。 而今,一旦政府决定不再托市,法制逐步健全,“市场化”成为一场真正的行动,2004年的股市就狂泄不止。冰冻三尺非一日之寒,这是证券市场多年积累的矛盾和风险的必然结果。 “垃圾时间”也不是毫无用场,起码是一个集中性释放坏消息的最佳时机。这是因为,在垃圾时间里,一切都波澜不惊,即便再恶劣的事件也构不成重大利空。 2004年初南方证券即被接管,随后德隆系轰然倒台,两起事件标志着中国股市投机家、冒险家时代的终结。年尾,几位证监会官员的落马,虽然不一定标志着执政能力的提高,却给观察者一个实在的期待,希望这是一个监管文明的开始。 年中的“郎顾之争”,影响最为重大和深远。郎咸平教授掀起了国企民营化的大争论,把民意对改革公平和程序公正的要求,拉到了聚光灯底荼涑梢怀≌娼环妗９矢母镂抟捎Ω眉绦?但揭开过往的敏感问题、深刻矛盾、暗箱操作,从而?
Borrowing a sports term, investors in China’s stock market in 2004 was a long “trash time” (meaning there was no suspense for the winner and was only to be played for the final whistle time). This sluggish situation is almost doomed. Whether the stock market is serving the state-owned enterprises or serving the market economy? Once it is recognized, the simple question comes out: the state-owned enterprises listed for relief are still the mainstay of the stock market. Once their imaginary surfaces are peeled off, they become stocks The main market lower. Now, once the government decides to stop proposing the market and the legal system is being improved step by step, “marketization” has become a real move. In 2004, the stock market was more than exasperated. It is the inevitable result of the contradictions and risks that the stock market has accumulated over the years. “Garbage time” is not useless, at least a good time to concentrate on releasing bad news. This is because, in the trash time, everything placid, even if the harsh incident also constitute a major negative. In early 2004, Southern Securities was taken over. Subsequently, the DeLong Department collapsed. Both incidents marked the end of the era of speculators and adventurers in the Chinese stock market. At the end of the year, the fall of several SFC officials, though not necessarily marking the improvement of their ability to govern, gives the observers a real expectation and hopes that this will be the beginning of a regulatory civilization. Years of “Lang Gu dispute”, the most significant and far-reaching impact. Professor Lang Xianping set off a big debate over the privatization of state-owned enterprises and pushed the public demand for reforming fairness and procedural fairness to the spotlight. At the same time, Sensitive issues, profound contradictions, secret operations, thus?