我国股市供求矛盾解决之后,运作机制不健全的问题便很快暴露出来,表现在市场主体违规行为得不到及时处理,股市长期低迷得不到有效控制等方面。这些问题已对我国股市的健康发育造成了巨大的负面影响,如何构建一套符合市场发展需要的股市运行和监管体制,已是十分迫切的任务。 一、股市运行机制问题 从理论上讲,我国股票市场的容量并未饱和。据测算,截止到1994年11月30日,我国两所两网上市公司流通股本市值只占GNP的4.5％,而台湾占47.1％,新加坡占300.5％,香港占 After the contradiction between supply and demand in the stock market of our country has been solved, the problem of the unsound operational mechanism will soon be exposed. This is reflected in the failure of the market players to handle the irregularities in a timely manner and the long-term downturn of the stock market without effective control. These problems have caused a tremendous negative impact on the healthy development of the stock market in our country. How to build a stock market operation and supervision system that meets the needs of market development has become a very urgent task. First, the stock market mechanism In theory, the capacity of China’s stock market is not saturated. It is estimated that as of November 30, 1994, the market capitals of the outstanding shares of the two companies listed in China were only 4.5% of GNP, while Taiwan accounted for 47.1%, Singapore accounted for 300.5% and Hong Kong accounted for