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桂浩明在2005年3月3日《证券时报》撰文指出:坦率地说,长期以来,内地股市一直是以融资为本位的。这就不可避免地在理论上扭曲了投资与融资的关系,使得侵犯社会公众投资者利益的事情频频发生。与此同时。也滋生了内部人控制的土壤,导致上市公司治理方面问韪重重。从而大大提高了股票投资的风险溢价。股市的长期低迷。不但使得二级市场的投资者损失惨重,同时也导致一级市场的发行出现了困难。事实上,证券市场的功能包括了融资与投资,若过分强调融资功能,虽然可以取得短期内融资数量的最大化,但其后必然会给市场带来巨大的伤害。回头想想,股市最近几年的持续低迷,难道不是和在融资本位体系下投资者利益受到严重损失、市场信心缺乏以及承受扩容压力的能力弱化有密切关系吗?当证券市场不能做到以投资者为本的话,它自然不能得到投资者的真正认同。其吸引力必然不断下降,被边缘化是不可避免的。
Gui Haoming March 3, 2005 “Securities Times,” the author pointed out: Frankly speaking, for a long time, the mainland stock market has always been based on financing. This will inevitably distort the relationship between investment and financing in theory, so that violations of interests of the public investors happen frequently. at the same time. But also breed the soil controlled by insiders, causing many problems in the governance of listed companies. Thus greatly increasing the risk premium of the stock investment. The stock market’s long-term downturn. Not only the investors in the secondary market suffered heavy losses, but also the difficulties in the issuance of the primary market. In fact, the function of securities market includes financing and investment. If too much emphasis is placed on the financing function, although the amount of financing can be maximized within a short period of time, it will inevitably bring huge harm to the market. Looking back to think that the stock market downturn in recent years, is it not with the financing system under the investors suffered serious losses, the lack of market confidence and the capacity to withstand the pressure of expansion is weakening it? When the stock market can not do to invest If it is people-oriented, it naturally can not get the true approval of investors. Its attractiveness will inevitably decline, being marginalized is inevitable.