林义相：上市公司的质量问题不应由证监会承担

Group 1 - The core viewpoint of the article emphasizes that the quality of listed companies should not be overly reliant on the regulatory authority, as it is not their responsibility to ensure company performance and profitability [3] - The regulatory authority's role is primarily to remove poor-performing companies from the market and allow good companies to enter, rather than directly influencing company quality [3] - Concerns are raised regarding high-frequency trading, with the current legal threshold of 300 trades per second being deemed arbitrary and lacking theoretical and practical justification [3] Group 2 - The article highlights the potential market manipulation risks associated with frequent order placements and cancellations, which can create false trading volumes and disrupt market order [3] - The market is characterized by a high proportion of retail investors, who have a high savings rate, leading to skepticism about entrusting their funds to management institutions, especially when significant losses occur while management fees are still collected [3] - The design of trading systems should return to the fundamental purpose of the market, questioning the necessity of high-frequency trading and suggesting that its removal could serve as a reassurance to retail investors [4]