优先股试点绝不能仅仅只关注提振股市信心。股指短期走强,更重要的是要从顶层设计角度出发,进一步完善资本市场层次,使金融产品供给与需求匹配,满足不同群体融资者和投资者的需求。这一制度创新对市场的影响恐怕还在于其试点后逐步释放的长尾效应。中国证券市场引入优先股,的确不会增加二级市场流动压力,可以缓解一级市场的“三高”症状,形成以稳定为主基调的股市行情。 Preferred stock pilot must not only focus on boosting the stock market confidence. Short-term stock index stronger, more importantly, from the perspective of the top-level design to further improve the capital market level, so that the supply of financial products and demand to meet the needs of different groups of financiers and investors. The institutional innovation impact on the market is probably still due to the long-tail effect gradually released after its pilot program. The introduction of preferred shares in China’s securities market does not increase the pressure on the secondary market to ease the “three highs” in the primary market and create a stable stock market.