一、影响中国资本市场效率的主要因素是投资者约束软化影响中国资本市场资源配置效率的原因是多种多样的,包括制度设计不够完善,政策导向偏颇,以及监管不够严格等,这些问题可归结为投资者约束软化。投资者约束软化导致了整个资本市场资源配置效率的弱化。(一)投资者约束软化的 I. The Main Factors Affecting the Efficiency of China’s Capital Market Investors are bound to soften the resource allocation efficiency in China’s capital markets for a variety of reasons, including inadequate system design, biased policy orientation, and inadequate regulation. These problems can be attributed to Constraint softened for investors. Softening the constraints of investors led to the weakening of the efficiency of resource allocation in the entire capital market. (A) investor restraint softened