2001年以来作为“晴雨表”功能的中国股市与中国整体经济走势呈现背离,引起了业内外专家学者的广泛关注。笔者认为股市扩容过速是其中最重要原因之一。为了说明这一点,本文首先通过国际比较说明了中国存在股市过度扩容的现象,并且呈现越演越烈的态势。其次,本文深入分析了股市扩容对中国股市乃至整个金融市场带来的不利影响及风险指出股市扩容造成了股指下降,股市失去财富效应。最后,本文提出了一些对策和建议,以供有关决策者参考。 Since 2001, the stock market as a “barometer” has deviated from the overall economic trend in China, arousing widespread concern among industry experts and scholars. I believe that the stock market over-expansion speed is one of the most important reasons. To illustrate this point, this article first illustrates through international comparisons the phenomenon of over-expansion in China’s stock market and shows a more and more intense trend. Secondly, this paper analyzes in depth the adverse effects of the expansion of the stock market on the Chinese stock market and the entire financial market, and the risk that the stock market downturn caused the stock index to decline and the stock market to lose its wealth effect. Finally, this article put forward some countermeasures and suggestions for the reference of relevant decision-makers.