中国股票市场系统风险的生成与化解--基于"柠檬市场"的理论分析

中国股票市场高系统性风险根源在于中国股票市场上市的企业的平均质量的“柠檬化”，而这种上市企业“柠檬化”又是中国转型过程中发展股票市场的功能定位所“内生”的，而在充斥“柠檬”上市企业的股票市场上的股票交易必然会是一种投机行为，此种投机交易强化了我国股票市场的系统风险。因此，化解中国股票市场高系统性风险的一种重要的路径选择就是矫正发展股票市场的功能定位，改进上市企业的治理结构，向非国有企业和外资企业全面开放，允许符合上市标准的非国有企业和外资企业在中国股票市场上市。

The dissolution of the systemic risk of China stock market--The theoretical analyses based on "market of the lemon"

The high systemic risk of China stock market originates from the average quality's "lemonization" of the enterprises listed on that market, and the state of the listed enterprises' "lemonization" is "endogenous" in developing stock market during China transaction course. The stock exchange in the market packed with listed "lemon" enterprises will inevitably be a kind of speculation behavior, and this kind of speculative transaction has strengthened the systemic risk of the stock market of our country. So one important route chosen to dissolve high systemic risk in Chinese stock market is to correct the function reservation of stock market, improve the administration structure of listing enterprises, open all-sidedly to the non-state enterprises and overseas-funded enterprises, allow those non-state enterprises and overseas-funded enterprises accord with listing standard list on China stock market.