中国股市道德风险普遍存在,道德风险的加剧将放大股市危机。本文应用新制度经济学制度变迁理论,通过对政府在股市制度变迁中的行为分析,说明了政府的隐性担保是股市道德风险的根本原因。 The moral hazard in Chinese stock market is ubiquitous, and the aggravation of moral hazard will amplify the stock market crisis. By applying the institutional change theory of new institutional economics, this paper analyzes the behavior of the government in the institutional change of the stock market, and shows that the hidden guarantee of the government is the fundamental reason for the moral hazard of the stock market.