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the establishment of a market economic system became the basic objectives of Chinas economic reform. Planned economy in the final analysis is a government axis of the economic structure, right from which economic background our stock market arise, that is bound to the decide that policy is like a visible hand, have an important impact on the market, in Chinas stock market developmental history.
3.2 Stock Market is in the “Emerging + Transition” Stage of Development, and the Market is still Weak
Chinas stock market is in the “emerging + transition” stage of development, with the characteristics of immature in such aspects as a system of rules and market structure and market functions, and the market is bond to turn out extreme phenomenon to boom and bust, the Government must intervene in the market to regulate their development. The government intervention in the market often from a desire for stability in the stock market, though contrary to the law which the stock market runs, but the game based on the self interests of all parties to the “policy market” to run a dependency, resulting in the sustainable operation of municipal policy.
3.3 Government is the investment subject and interests basis of Stock Market
We know that, most of Chinas stock market listed companies was formed by the transformation of state owned enterprises, which accounted for 70% of the market of non-tradable equity owned by government owned. It can be said that the Government is truly the largest shareholder in listed companies. Moreover, in the market, the investment institutions are set up by the government, making it a capital investment arm of the Government Group, it can be said that the Government is the largest real main dealer in the stock market. Sufficient to show and instructions on these two points: the government holds huge market share of investment and capital interests, so that it became the chief representative of the interests of capital in the market. In fact, the stock market is invested by the Chinese government. This is the unavoidable fact.
The Government in the stock market has multiple identities that a listed companys largest shareholder, the management of operation of the market supervisors, investors, especially small and medium investors protector of the interests of multiple identities. This multiple identity led to a double effect on the government service functions on the market: Not only the government to safeguard the interests of investors in the market, but also to protect the Governments own interest in the market; so it to speak, to protect the Governments own interest in the market, is also to protect the interest of all the market investors. So, whenever the Governments own interests in the market are subject to certain damage, such as slack market sentiment which led to delay issuing new shares, as well as institutional investors (the Fund) a major area of investment losses, the government will impose positive policy intervention, namely, in order to safeguard the interests of the market and also in a manner of speaking that the government is to safeguard the interests of investors. Taking a step back, no matter how the Government has deliberately to be, but just because of the huge investment share of the market share, the Government would make it the largest and most direct beneficiary in every good policy in the market. The reason is plain, that no matter what country, no matter what k本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。