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随着我国企业改制的加速和股票市场的扩容,一二级市场风险有逐步扩大之势,为了防范金融风险,防止东南亚金融危机的悲剧在我国重演,有必要弄清楚我国股市风险的根源在哪里,以便对症下药。笔者认为我国股市风险根源在于一级市场,源于一级市场的根本缺陷,即额度计划指标、行政计划价格、同股难同权。 先来看一下额度计划指标。 一般地,在一个正常的股票市场中,上市遵照的是按明文规定的标准和程序企业自愿申请上市制度。企业只要符合标
With the acceleration of restructuring of enterprises in our country and the expansion of the stock market, the risks in the primary and secondary markets have gradually expanded. In order to prevent financial risks and prevent the tragedies of the financial crisis in Southeast Asia from repeating in our country, it is necessary to find out where the root causes of the risks in the Chinese stock market are , So that the right medicine. The author believes that the root cause of the stock market risk in our country lies in the primary market, which is caused by the fundamental defects of the primary market, namely, the quota plan index, the administrative plan price and the same equity with the same rights. First look at the quota plan index. Generally speaking, in a normal stock market, the listing complies with the voluntary application of the listing system according to the standards and procedures stipulated in the text. Enterprises only meet the standard