一系列影响与制约股市发展的政治制度、法律规则、社会习俗构成了股票市场的产权环境、监管环境和信用环境,这些环境即构成了影响股票市场效率的股市生态。本文通过对比中国与美国股市的生态环境,分析中国股市生态的不足,着力强调推进股票市场的发展需要各方面制度环境的相互协调。 A series of political systems, legal rules and social customs that influence and restrict the development of the stock market constitute the property rights environment, the regulatory environment and the credit environment of the stock market. These environments constitute the stock market ecology that affects the efficiency of the stock market. By comparing the ecological environment of China and the United States stock market and analyzing the ecological deficiencies in China’s stock market, this article emphasizes that promoting the development of the stock market requires the coordination of institutional environment in all aspects.