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包容性制度的核心在于政府创造公平竞争的市场环境,保护中小投资者合法权益;而榨取型制度则会出现大股东和管理层利用自身信息优势榨取中小投资者的利益,中小板、创业板发行中的“三高”现象。政府的作用就在于建立健全包容性制度,遏制榨取型制度。
The core of an inclusive system is that the government creates a fair and competitive market environment and protects the legitimate rights and interests of small and medium-sized investors. In the case of the extractive system, large shareholders and management use their information superiority to extract the benefits of small and medium-sized investors. Small and medium- In the “three high” phenomenon. The government’s role is to establish and improve an inclusive system to curb the squeeze-type system.