“证券市场不良资产”的提法混淆了债权和股权的本质区别。毫无疑问 ,我国股票市场在发展过程中出现过严重的政策失误。这些政策导致上市公司治理机制薄弱 ,不能在业绩提高的基础上给投资者以满意的回报。然而这些政策并没有在股票市场上造成不良资产 ,对比银行体系内政府主导? The formulation of “distressed assets in the securities market” confuses the essential distinction between claims and equity. There is no doubt that serious mistakes in policy have occurred in the development of China’s stock market. These policies lead to the weak governance mechanism of listed companies and can not give investors a satisfactory return on the basis of performance improvement. However, these policies did not result in non-performing assets in the stock market, compared with the government-led within the banking system?