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现阶段中国股市存在严重的功能障碍(主要是股价太高所致),与交易机制和投资工具无关,希望通过改变交易机制、增加交易工具的方法来阻止股价下跌的努力是徒劳。10月5日,证监会表示将于近期启动证券公司融资融券业务试点工作,被市场理解为救市举措之一,但次日沪深股市仍然大跌。笔者以为,中国股票市场依然处在“新兴加转轨”的阶段,此时推出融资融券制度不利于股票市场的稳定发展。
At this stage, there are serious dysfunctions in the Chinese stock market (mainly due to too high stock prices). It is futile to hope that efforts to prevent the stock price from falling by changing the trading mechanism and increasing the trading tools have nothing to do with trading mechanisms and investment vehicles. On October 5, the CSRC said it will launch a pilot trial of its margin financing and securities lending business in the near future, which is understood by the market as one of the measures to rescue the market. However, the Shanghai and Shenzhen stock markets still plunge the next day. The author believes that China’s stock market is still in the stage of “emerging plus transition”. At this time, the introduction of margin trading system is not conducive to the stable development of the stock market.