决定证券市场效率的关键在于该市场是由政府主导还是由市场本身主导;法治不完善的国家只能采用政府干预作为法治的替代品,这种政府干预往往降低了证券市场合理配置资源的功能。因此,政府淡出证券市场干预的关键在于国家的法治是否完备。 The key to determining the efficiency of a stock market lies in whether the market is dominated by the government or the market itself. A country with an imperfect rule of law can only adopt government intervention as a substitute for the rule of law. Such government intervention often reduces the function of allocating resources rationally in the securities market. Therefore, the key to government’s intervention in the securities market lies in the completeness of the country’s rule of law.