The penman considers , from the angle of a broad sense of corporate governance which is defined in the text , if we explore the deep causation from all kinds of problems in the process of security markets developments in our country , the ultimate reason is lack of supervision in listed companies , detail behaviors are inside supervision inefficiency caused by irrationality of the framework of possession system and control power , failure of supervision framework inside company , the graveness of control by inner persons , excess low - down deal , lack of property in the state - owned companies , and outside supervision inefficiency caused by limitation of market function and framework and information opacity because of man - made division of stock power , infirmness of outside market system under the condition of insufficient competition , distortion of government system because of improper government interference 笔者以为，从本文定义的一个广义的公司治理角度，探寻我国证券市场发展过程中种种问题产生的深层原因，上市公司治理缺失是根源所在，具体表现在：上市公司所有制结构和控制权结构不合理、公司内部治理机构失灵、内部人控制严重、内幕交易泛滥、国有控股上市公司所有者缺位等问题所导致的内部治理失效；以及，股权人为分割造成的市场功能性和结构性缺陷与信息不透明、竞争不充分条件下外部市场机制弱化，政府不当干预情况下的政府机制扭曲等等导致的外部治理不力。
