CAJ | 학술논문

2O14年7月至9月，在内外部环境好转、资金供给增长、技术调整到位、投资者信心恢复、制度改革与创新开始推进等积极因素的推动下，中国A股开始走强。但目前而言，中国A股走向长牛！存在制度障碍严重、股市结构不合理、金融泡沫较严重、投机性交易盛行等阻力。制度因素是关键，中国必须以保护投资者利益和提升股市竞争力为目标不断改进游戏规则。当前，A股制度改革的重心应该落脚在发审制度、交易制度与投资者保护制度上。
2O14년7월지9월，재내외부배경호전、자금공급증장、기술조정도위、투자자신심회복、제도개혁여창신개시추진등적겁인소적추동하，중국A고개시주강。단목전이언，중국A고주향장우！존재제도장애엄중、고시결구불합리、금융포말교엄중、투궤성교역성행등조력。제도인소시관건，중국필수이보호투자자이익화제승고시경쟁력위목표불단개진유희규칙。당전，A고제도개혁적중심응해락각재발심제도、교역제도여투자자보호제도상。
FrOm JuLy tO September in 2O14 ,Chinese A-shares market is starting strOng under the impetus Of sOme pOsitive factOrs such as the internaL and externaL envirOnment imprOves,the mOney suppLy increases,the tech-nicaL adjustment is in pLace,the investOrsˊcOnfidence restOre,the system refOrm and the innOvatiOn begins tO prO-mOte. But fOr nOw,there are these drag fOrces prevent Chinese A-shares market getting intO a LOng buLL:financiaL bubbLe and institutiOn barriers are seriOus,stOck market structure is irratiOnaL,and specuLative transactiOn is prevaiL-ing. The institutiOn factOrs are key,and China must imprOve the ruLes Of the game cOntinuOusLy tO prOtects the inter-ests Of investOrs and enhances market cOmpetitiveness. At present,the priOrities Of A-shares market system refOrm shOuLd fOcus On the pubLish and apprOvaL system,trading system and investOr prOtecting system.