中国证券市场陷入空前的危机,市场所有的参与者(尤其是投资者、中 介机构、监管者)皆面临困局。制度缺陷是目前证券市场陷入全面困局的“万 恶之源”,完善我们的制度是破解困局的关键。证券市场的积弱,起因于历史 的沉积,各种问题错综复杂,但不能再拖而不决、决而不行了。只要我们拥 有足够的智慧与胆略,一切都可迎刃而解。 China’s securities market is in an unprecedented crisis. All participants in the market, especially investors, intermediaries and regulators, are facing a dilemma. Institutional flaws are the “source of all evil” that the stock market has plunged into a comprehensive dilemma. Perfecting our system is the key to solving the dilemma. Weak securitization market, due to the deposition of history, a variety of issues is complicated, but can not be delayed but not resolved, the last resort. As long as we have enough wisdom and courage, everything can be solved.