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纵观2011年中国的资本市场,基本上可以用“惨淡”两字来形容,中国A股今年全年市值缩水超过4万亿元,但与之相对应的却是中国GDP的全球第一增长率,造成这种反差的原因何在,我国资本市场是真的先天不足抑或是后天发育不良呢?本文基于监管机制、信息披露机制、独立定价机制等制度因素全面分析转型时期造成中国资本市场持续低迷的原因,进而针对各种“制度缺陷”提出相应的改革建议。
Looking at China’s capital market in 2011, basically it can be described in terms of “dismal”. The market capitalization of China’s A-shares shrunk by more than 4 trillion yuan this year, but correspondingly it is the global index of China’s GDP A growth rate, what is the reason for this contrast, whether the capital market in our country is really deficient or the development of acquired malnutrition? Based on the institutional factors such as the regulatory mechanism, the information disclosure mechanism and the independent pricing mechanism, this paper comprehensively analyzes the transition period of China’s capital market Downturn reasons, and then for a variety of “system defects” put forward the corresponding reform proposals.