制度和结构缺陷贻害市场我国的资本市场由于在一个长时期内被纳入了行政系统和行政范畴，以行政扩张取代了市场扩张，行政协调取代了市场协调，从而形成“一管就死、一松就乱”的怪圈。在上市公司违规行为的背后，不时可见行政干预的影子。可以说，这种干预是引发上市公司道德 Institutional and Structural Defects Harm the Market As China’s capital market has been incorporated into the administrative system and administration over a long period of time, administrative expansion has replaced market expansion and administrative coordination has replaced market coordination, resulting in “one death, one loose On the chaotic ”circle. Behind the irregularities of listed companies, the shadow of administrative intervention can be seen from time to time. It can be said that such intervention is triggered by the ethics of listed companies