本文认为我国股票市场制度存在一定缺陷,这些缺陷从不同方面严重干扰投资者的认知过程和交易成本。在不完善的制度环境下,普通投资者一般存在行为金融描述的非理性信念,其中政策偏好心理和噪音交易行为最突出。因此,要以投资者利益为核心重新完善现有制度,尝试问责机制和平准基金。 This paper argues that there are some flaws in the system of China’s stock market. These flaws seriously interfere with investors’ cognitive processes and transaction costs from different aspects. Under imperfect institutional environment, ordinary investors generally have irrational beliefs about behavioral finance, of which the preference psychology and noise trading are the most prominent. Therefore, it is necessary to re-perfect the existing system with the interests of investors as the core, try the accountability mechanism and standardize the funds.