Principally , the stock act that is meant to manipulate the stock market mainly by means of supervision serves as nothing more than an instrument of control of the stock market by the state and a legal basis for the operations of the supervisory organization 以糾察式的市場監管體制為核心的證券法,基本上只是國家監管證券市場的工具和監管機構的執法依據。
Government ' s monopoly of capital market also leaded to the " shell " value of listed company which is irrelative to the company ' s invest value , which made the higher general price in the market . in addition to , the structure of investors which is consisting of many individual investors and few institution investors lets it easy to manipulate the stock market for the institution investors . according to the origins of the systematic risk , it is necessary to improve the market mechanism and market efficiency to eliminate the system root of the risk to decrease the risks 突出地表現在:資本市場服務于國企轉制,造成上市公司股權結構存在缺陷,致使公司治理失效,上市公司缺乏持續發展的能力,公司經營風險轉化為市場的系統性風險;政府對資本市場準入的行政性壟斷,形成上市公司“殼”價值,虛高股票市場價格,引發系統性風險;金融市場分割,特別是貨幣市場資金缺乏進入資本市場的正常渠道,利率市場化水平低,影響金融資產定價,導致違規融資盛行,加大了市場風險;而由于市場監管不到位,以散戶為主的投資主體結構,則易導致機構大戶利用內幕信息操縱股價,機構投資者的發展不僅沒有成為穩定市場的力量,反而成為操縱市場的主力,加劇了市場波動。