我国股市长期低迷的症结

中国的股市自 1 990年起步至今 ,长期处于较低迷状态 ,主要原因是作为股市主体之一的上市公司“转轨不转制”和股市本身在组织管理上存在的种种弊端。主要包括 :上市公司的主要功能错位 ;在国有股问题方面违反了市场规律 ;国家控股公司组建过多 ;证监会的功能定位有误 ;奉行计划经济的人事任免制度 ;公司治理结构存在缺陷 ;广泛地用配股代替分红。为此要坚定把改革进行到底的决心。

The Crucial Reasons for the Long Slump of China's Stock Market

There has been a long slump in China's stock market since 1990, the crucial reasons for which lie in many factors such as the various disadvantages in the administration of stock market and problems exist in the listed companies. The disadvantages include: the misposition of the functions of the listed companies, the problems concerning the government owned stock going against the law of market, the establishment of too many holding companies, the planned economic personnel system, and the stock allocation instead of bonus distribution. The existence of these problems demands for further reform for the better.