一、中国股票市场制度性缺陷问题1.股票市场的隐性担保首先,政府通过审批制来选择上市公司,目前虽已过渡到核准制,但其行政审批、行政选择弱化或排斥市场选择和竞争的实质未变,政府完全垄断了股票的发行市场,其次,通过政府管制来维护股市的平稳运行并保护股民利益。由于股市平 I. Institutional Defects in China’s Stock Market 1. Implicit Guarantee in Stock Market First, the government selects the listed company through the examination and approval system. Although the transition to the approval system has now passed, its administrative examination and approval, administrative choices are weakened or excluded from market choices and competition The government has completely monopolized the stock market and secondly, it maintains the smooth operation of the stock market and protects the interests of shareholders through government regulation. As the stock market is flat