本文分析了中国资本市场的一些独特现象,回顾了国内学术界关于资本市场问题的一些代表性观点,并指出这些观点所存在的不足。作者认为,上市的国有企业普遍缺乏自生能力,从而不能够获得正常利润,是资本市场诸多问题的根源。作者在一个统一的框架下进一步分析了国有企业、自生能力和资本市场的关系,并提出了资本市场改革的政策建议。 This article analyzes some unique phenomena in China’s capital market, reviews some of the representative views on the capital market in the domestic academic circles and points out the shortcomings of these views. The author believes that the listed state-owned enterprises are generally lack of viability and thus can not obtain normal profits, which are the root causes of many problems in capital markets. In a unified framework, the author further analyzes the relationship between state-owned enterprises, viability and capital markets and puts forward policy suggestions on capital market reform.