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严格来讲,我们这个市场在很大程度上丧失了市场的基本功能,即通过市场定价的功能,丧失了价值发现和价值回归的基本机制,所以未来中国资本市场要发展,就不能长期靠以零和博弈的博傻投机为基础的过高估值来维持对投资者的吸引力。多层次资本市场,要发展多层次衍生品市场、多层次股权市场等,同时要有一系列的制度安排,比如要有稳固的实体经济,并且要有健全的宏观政策,如果宏观政策
Strictly speaking, our market has largely lost the basic function of the market, that is, it has lost the basic mechanism of value discovery and value return through the function of market pricing. Therefore, in the future, if China’s capital market is to develop, it can not rely on it for a long time Zero-sum game speculation speculation-based overvaluation to maintain investor appeal. Multi-level capital markets, to develop multi-level derivatives markets, multi-level equity markets, etc., at the same time have a series of institutional arrangements, such as a solid real economy, and have a sound macroeconomic policy, macroeconomic policy