中国资本市场在经济转型期获得了快速发展,并对中国经济的转型起到了强有力的推动作用,打破了企业单一间接融资的局面,满足了居民的投资需求。金融资源配置的计划色彩是造成中国资本市场效率低下的重要原因,导致了市场投机成分较浓、市场结构不合理、上市公司效益下滑等后果。构建一个安全、高效、开放的中国资本市场是面向21世纪的需要。 China’s capital market has enjoyed rapid development during the economic transition and has played a powerful role in promoting the transformation of China’s economy. It has broken the single indirect financing of enterprises and has met the residents’ investment needs. The planned color of the allocation of financial resources is an important reason for the inefficiency of China’s capital market. This has led to the consequences of a thick market speculation, an irrational market structure and a decline in the efficiency of listed companies. Building a safe, efficient and open China’s capital market is a need facing the 21st century.