【摘要】 基于一级市场产权关系的不清，中国股市来自股价、政策和过度干预等方面的风险，总体上蜕变为一种制度性风险。化解这方面的风险，最主要的是要加快股市产权制度创新，构建出市场经济条件下的股市微观基础，同时亦要在分离国家所扮演最大股东代表并对股市实施宏观调控的双重职能中，规范政府行为。惟其如此，才能有力地削弱制度性风险在中国股市风险中的强势地位。更多还原

【Abstract】 Due to the fluctuating prices, the government policy as well as its strong impact, the risk in stock market becomes a kind of system risk. To reduce the risk, the most important task is to establish a microcosmic foundation under the condition of market economy. It’s equally essential to regulate government functions as the biggest stockholder so as to macro\|control the stock market.更多还原