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本文在分析我国证券市场独特的股权二元结构及由此引发的扭曲的融资偏好的基础上,讨论股权二元结构是上市公司忽视公司治理的重要原因,是上市公司道德风险泛滥的根源,是制约我国资本市场发展的最根本原因。本文认为股权二元结构没有得到改变之前,我国政府目前规范市场的许多措施将事倍功半,目前的国有股减持方案也解决不了问题的实质。最后提出了规范和发展我国证券市场的一些思路和建议。
Based on the analysis of the unique duality structure of stock market in our country and the distorted financing preference caused by it, this paper discusses the duality structure of stock ownership as an important reason why listed companies neglect corporate governance and is the root of the flooding of moral hazard in listed companies. Restricting the Development of China's Capital Market, the most fundamental reason. Before this article thinks that the dual structure of the equity has not been changed, many measures of our government to standardize the market will be less effective. The current state-owned shares reduction plan can not solve the essence of the issue either. Finally, some ideas and suggestions for regulating and developing China's securities market are put forward.