随着我国证券市场规模的不断扩大, 证券市场制度建设已成为我国建立和完善市场经济体制的重点之一。目前,证券市场已历经长达4年多的调整,还不见复苏迹象。在整个调整过程中,政府官员、学者及业内人士就证券市场的是是非非一直争论不休。我们认为,证券市场存在的制度缺陷是阻碍证券市场健康发展的主要原因。 With the continuous expansion of the size of China’s securities market, the construction of securities market system has become one of the focuses of our country’s establishment and improvement of market economy system. At present, the stock market has gone through more than four years of adjustment, but also failed to see signs of recovery. Throughout the adjustment process, government officials, academics and professionals in the industry have been debating whether the stock market is right or wrong. In our opinion, the institutional defects in the securities market are the main reasons that hinder the healthy development of the securities market.