But Chinese security market is incomplete under short-sale constraint, which causes the ineffectiveness of risk share and the loss of social welfare.
然而，我国存在卖空限制的证券市场是不完全的，这导致了风险分担的无效以及社会福利的损失。
But Chinese security market is incomplete under short-sale constraint, which causes the ineffectiveness of risk share and the loss of social welfare.
然而，我国存在卖空限制的证券市场是不完全的，这导致了风险分担的无效以及社会福利的损失。
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