今年以来,我国资本市场出现连续非理性暴跌行情,投资者信心濒临崩溃,市场陷入前所未有的恐慌和危机之中,有关“救市”的呼声也此起彼伏。从理论上重新认识和界定政府与资本市场之间的关系显得十分必要。资本市场失灵是政府实施干预的理论依据,但要谨防超越边界的“资本市场抑制”。为此,必须超越似是而非的“救市”之争,推动资本市场深化及基础制度建设。 Since the beginning of this year, there has been a continuous and irrational plunge in the capital market in our country. Investors’ confidence is on the verge of collapse. The market has plunged into unprecedented panic and crisis. Voices of “bailout” have also come one after another. It is necessary to theoretically re-understand and define the relationship between the government and the capital market. The failure of capital markets is the theoretical basis for the government to intervene, but beware of the “inhibition of capital markets ” beyond the border. To this end, we must go beyond plausible “bailout” disputes and promote the deepening of the capital market and the building of a basic system.