CAJ | 학술논문

规范的股票市场具有筹措资金、优化资源配置、改善公司治理、价格发现及促进经济发展等重要功能，是国民经济的“晴雨表”。由于上市公司违规猖獗加之市场监管不力，中国股票市场成为造假圈钱、投机冒险、杀贫济富、权贵洗钱的场所。20年当中既没有成就一家世界级企业，也没有引发全民财富效应。相反，它浪费社会资源，将中产阶级打回原形，严重伤害民众参与改革的热情。
규범적고표시장구유주조자금、우화자원배치、개선공사치리、개격발현급촉진경제발전등중요공능，시국민경제적“청우표”。유우상시공사위규창궐가지시장감관불력，중국고표시장성위조가권전、투궤모험、살빈제부、권귀세전적장소。20년당중기몰유성취일가세계급기업，야몰유인발전민재부효응。상반，타낭비사회자원，장중산계급타회원형，엄중상해민음삼여개혁적열정。
Standardized stock market has important functions to raise funds, optimize the allocation of re- sources, improve corporate governance, price discovery and promotion of economic development, is an economic ＂barometer. ＂ Due to listed companies＇ rampant violations and market supervision ineffective, China＇ s stock mar- ket has become a place to the fraud misappropriating, speculative adventure, fighting the poor and relieving the rich, the power and the rich money laundering. In 20 years, there is neither a world - class enterprise, nor lead to universal wealth effect. Instead, it is a waste of social resources, turned the middle - class into a pumpkin, and se- rious injury enthusiastic people involved in the reform.