一、市场融资功能中出现某些“异化”第一,有人认为,当前直接融资比重仍然太小或发展太慢,因而大吹“股风”,急于求成。不讲质量,盲目追求总量扩张。第二,把股份制改革简单化、片面化,实际上将股改等同于股票发行与上市。第三,当前市场正在演绎着一出“三多”的“悲喜剧”,即公布不分配的多、配股的多、净资产收益率在10％上面一点的多。那些盈利状况良好却不分配的企业的解释是:为了公司的长远发展和股东的“长远利益”。 First, there are some “alienation” in the market financing function. Some people think that the proportion of the current direct financing is still too small or too slow to be developed, so a big blow to the stock market is pressing for success. Do not speak of quality, the total blind pursuit of expansion. Second, simplifying and unifying the reform of the shareholding system will in fact equalize the stock reform with the issuance and listing of shares. Third, the current market is deducing a “tragicomedy” of “three mores”, that is, the announcement of more unallocated shares and more rights issue, and the ROE of 10% is much higher. The explanation for those companies that are profitable but not allotted is: For the company’s long-term development and shareholder “long-term interests.”