股票市场：作用、制约因素与治理

我国股票市场从“摸着石头过河”到交易、监管制度不断完善，20年来，在经济和社会发展中发挥着越来越重要的作用。眼下影响股票市场健康发展的因素主要是：股票内在约束不健全，对冲风险机制有待完善，新股发行改革滞后，“政策市”、“寻租市”的痼疾未根除，时传言之类无形“黑嘴”的根治查处力度不够，应加强信息披露监管，提高信息披露质量，加强制度建设等措施遏制内幕交易，净化股票市场，使股票市场成为引导产业升级，促进经济发展方式转变的强有力杠杆。

The Stock Market:Effect,Restraining Factors and Administration

The Stock market in our country started from feeling the stone to cross river to the system of transaction and supervision continuous improvement.In recent twenty years,it has played more and more important role in economic and social development.Now there are several factors affecting the healthy development of the stock market.Firstly,the internal constraints of the stock market is not perfect and the hedging mechanism must be moved.Secondly,the IPO reform lags behind.Thirdly,the chronic illness such as policy market and rentseeking market is not removed.Fourthly,the investigation and punishment of invisible "black mouth " such as rumor is not radical enough.So we should strengthen disclosure information supervision to improve the quality of disclosure information,curb insider trading through strengthening the system construction and so on and purify the stock market so as to promote the stock market to become powerful lever of guiding industrial upgrading and promoting economic development patterns.