Chinese Securities Market: The Foam and Ways to Deal with It

我国证券市场从合理市盈率的评判标准看 ,市盈率太高 ,已经出现了“泡沫经济”倾向。如何保证证券市场健康稳定的发展 ,是政府、企业和投资者关心的问题。为了治理“泡沫经济” ,应该强化上市公司法人治理结构 ;转变证监会职能 ,加强监管和处罚力度 ;暂缓推出股票指数期货 ;进一步完善退出机制The foam aptitude has appeared in the Chinese securities market. How to develop, regularize and supervise the market has become imperative for the government, enterprises and investors. In order to get rid of the foam, the following measures should be taken: (1) strengthen the administrative system of the enlisted company as artificial person, (2) convert the function of China Securities Commission so as to increase its power of supervision and punishment, (3) postpone the setting up of the Stock Index Futures System and (4) improve the stock market exit system