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自从1990年12月,上海证券交易所成立以来,年轻的中国股市在五年多的时间里,发展迅速,成绩喜人。但由于其脱胎于计划经济模式。且是在短期内人工速成的市场。不可避免地暴露出盲目和不规范问题。 我国股市不规范的突出问题在于同股不同权,法人股、国家股不能上市流通,A、B股价格相差太大。具体表现在证券商自我行为的不规范,上市公司行为的不规范及新股上市的不规范。一些投资者仅仅关注市场价格升降和股票转手获利,而不注重企业业绩,更有一些上市企业只把股票集资上市作为目的,根本不注重企业发展。同时,股市中还伴随有力主做庄,恶炒个股,内幕交易等等许多不规范的运作行为。 股票市场这种不规范行为的原因是多方面的。一是缺乏资本成本的约束机制。无论是在股票初级市场(发行市场),还是在二级市场(流通市场),都存在着管理层和证交所对上市公司的监管力度不够,而现有法规还不能完全有效地阻止证券商的违规操作。并且金融市场上融资行为也不规范,如个别券商回购资金
Since the establishment of the Shanghai Stock Exchange in December 1990, the young Chinese stock market has developed rapidly and has achieved gratifying results in more than five years. However, due to its birth from the planned economy. And in the short term manual quick market. Inevitably, there are blind and irregular problems. The prominent problem of non-standardization of China’s stock market lies in the fact that the shares of the same shares have different rights. The legal person shares and the national shares can not be traded in the market. The prices of A shares and B shares differ greatly. Specifically reflected in the securities firms self-behavior is not standardized, the behavior of listed companies and non-standard listing of new shares is not standardized. Some investors only concerned about the market price movements and stock transfer profits, rather than focus on business performance, and some listed companies only to fund the IPO as an objective, do not pay attention to business development. At the same time, the stock market is also accompanied by the main Zhuang Zhuang, speculation stocks, insider trading, and many other non-standard operating practices. There are many reasons for this non-standard behavior in the stock market. First, the lack of capital cost constraint mechanism. Both in the stock primary market (issue market), or in the secondary market (circulation market), there is management and the Stock Exchange’s supervision of listed companies is not enough, and the existing laws and regulations can not completely and effectively prevent the securities firms Illegal operation. And the financial market financing behavior is not standardized, such as individual broker repurchase funds