论中国股票市场的投资价值

Study on China's stock market value

从动态一般均衡的角度看,中国股票市场存在巨大泡沫,没有投资价值。但是,股票市场的内在规律又决定了中国股票市场未来几年将在巨大泡沫的基础上进入大牛市,中国股票市场面临非常好的投资机会。这将有利于中国政府抓住机会解决股票市场中长期存在的不规范和畸形发展的问题,同时也为广大投资者、上市公司、中介机构带来了难得的历史机遇。

From the view of dynamic general equilibrium, China's stock market is full of bubbles, not worth of investment. On the other hand, according to the natural laws, China's stock market will reach 'bull' market in the following years. China's government should strive to solve historical open questions. Meanwhile, the investors, the listed companies and the agencies will face valuable opportunities in history.