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The Crucial Reasons for the Long Slump of China's Stock Market

SONG Yang yan (Institute of Economics, Chinese Academy of Social Sciences,Beijing 100836,China)  
There has been a long slump in China's stock market since 1990, the crucial reasons for which lie in many factors such as the various disadvantages in the administration of stock market and problems exist in the listed companies. The disadvantages include: the misposition of the functions of the listed companies, the problems concerning the government owned stock going against the law of market, the establishment of too many holding companies, the planned economic personnel system, and the stock allocation instead of bonus distribution. The existence of these problems demands for further reform for the better.
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