中国股市的不成熟,不仅表现在股权分置和政策干预,还表现在这个市场的参与者可以不用按照固有的规则来行事。比如管理层的政策可以朝令夕改、上市公司可以虚假欺骗、券商可以私下运作等等。这种情况的出现有相关法律法规不健全的因素,但更主要的是,这个市场在创建之初,就已经留 China’s stock market is not mature, not only in the split share structure and policy intervention, but also in the market participants do not follow the inherent rules to act. For example, the management policy can be changed overnight, listed companies can be deceptive fraud, brokers can operate privately and so on. The emergence of such a situation related laws and regulations are not perfect factors, but more importantly, the market was created, it has been left