中国的股市,从1990年起步,到2003年年中,整整12年半。在这12年半中,虽有起伏,个别板块或企业也时有跳高和利好的情况发生,但总体来说,从未摆脱低迷状态。为什么会出现这种不能令人满意的现象?其根源又何在呢? 虽然细说起来,原因很多,如整个大气候不理想,前几年受到东南亚金融危机的影响,国际经济近几年来也不景气等等,但主要原因不在这里,而在于这些作为股市的主体——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所造成的。 弊端之一:上市公司的主要功能错位。 在政府看来,国企所以要改造成股份公司特别是上市公司,主要是为了集资和筹资。谁也不 China’s stock market started from 1990 to mid-2003, a full 12 and a half years. In these 12 and a half years, despite the ups and downs, individual plates or enterprises have occasionally experienced highs and highs. However, on the whole, they have never escaped the slump. Why is there such a unsatisfactory phenomenon? What are the root causes? Although elaborated for many reasons, such as the general climate is not ideal, a few years ago by the financial crisis in Southeast Asia, the international economy has also slumped in recent years Etc., but the main reason is not here, but rather because of these as the main body of the stock market - listed companies “transition does not transform” and the stock market itself caused by the organization and management of the drawbacks. One of the drawbacks: the main function of listed companies dislocation. In the view of the government, state-owned enterprises should transform themselves into share-holding companies, especially listed companies, mainly for fund raising and fund-raising. No one