The American security market environment is more approximate to the condition of complete competition and still has significant market ineffectiveness.
美国证券市场运行环境近似于完全竞争的市场状况，也存在显著的市场失灵。
Market ineffectiveness arising out of the real-life economic transformation in China can be attributed to the disorder of the market order caused by the lack of market rules.
我国现实的经济转型中出现的市场失效的原因可归结为由缺乏规则所导致的市场秩序的混乱。
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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