摘 要
从20世纪70年代末期开始实施的改革开放政策，启动了中国经济从计划经济体制向社会主义市场经济体制的转型，资本市场应运而生，证券就是资本市场的重要组成部分。回顾我国证券市场发展历程，我们可以看到作为中国股市最大的也是最具有中国特色的一个方面就是其典型的“政策市”特征。所谓“政策市”就是指政府部门运用政策机制直接影响股市走势所形成的股市运行格局。中国股市的“政策市”特征是中国股市在特殊历史条件下的产物，是中国在由传统计划经济向市场经济转型过程中出现的必然结果，在股市发展过程中起到了一定的作用，在稳定股市、保护投资者利益等方面都有积极的意义。但是随着世界经济一体化、中国经济和证券市场的发展，传统的政策干预股市的调控手段需要作彻底的改革，这是中国股市发展的必然要求。本文通过讲述伴随中国股市发展过程的各种政策来阐述政策对股市的积极作用及负面影响，指出政策应该把重点放在监管而不是直接调控证券市场的运行。通过历史分析及实证研究对中国股市与政策的相关性进行探讨，用客观的态度对待中国股市的发展历程，希望能找到社会主义市场经济体制下证券市场长久稳定发展的方式。

关键词:资本市场；股市；政策；调控；监管

Abstract:
Reform and Open-Door Policy carried out from latter 1970's started a transformation from planned ecnomic to market econmic,and the capital market emerged as the times require,of which the securities market was an significant constituent part.Reviewing the development of our counry's securities market,we can see the biggest also the most Chinese characteristic aspect that is the typicaly 'policy market' feature. So-called policy market means the admistration department uses the policy mechanism to directly effect the stock market operation pattern formed by the trend of stock market. The policy market feature of Chinese stock market is the outcome of the Chinese stock market in special histroy conditons,also is the inevitable result emerged during the transformation process from planned ecnomic to market ecnomic,makes a difference in the development of the stock market,and has positive significance in stabilizing the stock market and protecting the investors' benefits.However,with the development of the world economic integration,the Chinese ecnomic and the stock market,the tradition regulation means by the policy intervening the stock market need a thoroughgoing reformation,which is the necessity for the development of the Chinese stock market.The paper expounded the policy's positive and negative effetion on the stock market by statement of various policies with the development of Chinese stock market,and pointed out that the policy should focus on monitoring instead of directly controling the operation of the stock market.By a analysis and empirical study to discuss the Chinese stock market and policy correlation,we treated the devolopment process of the Chinese stock market with an objetive attitude,hoping to find a method that the stock market in socialist market economy system can develop steadily for a long time.
Key words:capital market;stock market;policy;regulation;mornitoring