随着世界经济一体化进程加快和科学技术、交易手段高速发展,证券市场作为资本市场的重要组成部分,国际化进程将越来越快。能否理性认识中国证券市场现状,把我国证券市场置身于全球经济环境中去发展,对我国资本市场乃至整个社会经济可持续发展至关重要。 壹 证券市场当前存在的主要问题 一是市场主体的规范化运用程度亟待提高。包括上市公司、证券公司和基金公司在内的市场主体,都存在着内部治理结构不规范的通病,违规行为时有发生;弄虚作假、过度投机、操纵股市的行为屡禁不止;委托理财等集合投资方式缺乏应有的规范和监管措施,对各类投资公司没能有效监管和规范。二是市场的功能和结构存在制度缺陷。证券市场层次单一,缺乏多样化的筹资和分流市场需求的渠道;市场以散户为主,机构投资者发展滞后,缺乏稳定规范的资金来源和 With the acceleration of world economic integration and the rapid development of science, technology and trading means, the securities market, as an important part of the capital market, will become increasingly internationalized. Whether we can reasonably understand the status quo in China’s securities market and develop our securities market in the global economic environment is of crucial importance for the sustainable development of our capital market and the entire social economy. One of the main problems currently existing in the stock market is that the standardization of market players needs to be improved urgently. Market entities, including listed companies, securities companies and fund companies, all have common problems with non-standard internal governance structures and irregularities sometimes occur. Fraudulent practices, excessive speculation and manipulation of the stock market have been repeatedly banned; there is a lack of collective investment management such as entrusted wealth management Due norms and regulatory measures, various investment companies failed to effectively regulate and regulate. Second, there are institutional defects in the function and structure of the market. The securities market has a single level and lacks channels for diversified fund-raising and diversion of market demand. The market is dominated by retail investors, the development of institutional investors lags behind, and the lack of a stable and standardized source of funds and