The reason why investors lose benefits in Chinese stock market is mostly that some severe deficiency exists in its management system which lacks perspectiveness and maneuverability.

• 摘要在中国证券市场上导致投资者利益受损的原因是：证券市场的制度设计缺乏前瞻性和可操作性，制度建设严重滞后和一股独大的公司治理结构；