纵观我国股市走过的短短几年,政策的变化对股市的影响非常明显。可以说,其间的大起大落莫不缘于政策的变化,通常称之为政策性股市。这种政策性股市的形成,既不利于股市本身的发展,也阻碍了规范的现代企业制度的建立。本文拟就股市参与主体行为的不规范性来谈谈我国政策性股市形成的原因。 Throughout the short period of several years passed by the stock market in our country, the policy changes have a very significant impact on the stock market. It can be said that during the ups and downs are not due to changes in policy, usually referred to as policy-oriented stock market. The formation of this policy-oriented stock market is not conducive to the development of the stock market itself, but also hinder the establishment of a standardized modern enterprise system. This article intends to discuss the reasons for the formation of China’s policy-oriented stock market on the non-normative behavior of the stock market participation in the main body.