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从１９９０年起，中国股市经历了１０年的风风雨雨。其中，既有使人振奋的大牛市，也不乏漫漫熊市。总 的说来，尽管中国股市摆脱了“老八股”时代，已拥有１０００多家上市公司，但依然不是一个成熟的股市。表现为牛短熊长； 机构投资者数量过少、规模太小；机构投资者违规操
Since 1990, the Chinese stock market has experienced 10 years of ups and downs. Among them, there are exciting big bull market, there are some long bear market. In sum, although China’s stock market has got rid of the “old” share of more than 1,000 listed companies, it is still not a mature stock market. Performance for the short term bullish bearish; number of institutional investors too small, too small; institutional investors illegal operation