【作者】 王作功； 钟金龙； 贾元华；

【Author】 WANG Zuo-gong, ZHONG Jin-long, JIA Yuan-hua (Institute of Systems Engineering, Beijing Jiaotong Univetsity, 100044, China; Minsbeng Securities CO. , Ltd, Beijing 100020, China)

【机构】 北京交通大学系统工程研究所； 民生证券有限责任公司；

【摘要】 我国证券市场的深幅下跌,文化缺陷是深层次的根本原因．“无法可依、有法不依、执法不严、违法不究”是我国证券市场法制文化建设的重大缺陷,证券投资面临着较大的法律风险;未能树立以“公开、公平、公正”为标志的监管文化,证券投资面临较大的政策风险;漠视市场游戏规则、缺少以诚实守信为基本特征的道德文化,证券投资缺少必要的安全氛围,面临着诚信缺失的道德风险;以投机获取暴利而非以价值投资为理念的投资文化充斥市场,暴涨暴跌的证券价格使得投资者承担了更多的投机风险．为保护投资者利益,推动和谐证券市场建设,必须建设中国证券市场的先进文化,防止出现系统性、长期性的投资风险．更多还原

【Abstract】 The deep level of fundamental reason for the dramatic decrease of China securities market is attributable to the shortage of culture. The significant shortcoming in connection with the legal culture construction of China securities market can be reflected as "no law can be complied with, law does not be complied with, execution of law is not strict and breach of law is not punished", and therefore the securities investment faces the material legal risks. No supervision culture whose symbol is "public, equal and fair" has been established, the securities market therefore faces the relevant high political risks. Disregard of market game rules and lack of moral culture with cordiality and faithfulness as basic features, the securities investment therefore lacks of necessary security environment and faces the moral hazard on lacunas of good faith. The securities market is currently filled with the investment culture relating to speculation for sudden huge profits rather than the value investment, and at the same time, the sudden and sharp increase and decrease of the securities price brings more risks on speculation to investors. In order to protect the benefits of investors and promote the healthy development of China securities market, the advanced culture of Chinese securities market must be established and the systematic and long - term investment risk shall be prevented.更多还原