摘要
一个有效率的制度结构能够提供降低交易费用的特定机制。然而现实的种种迹象表明,B股市场并没有提供一个有效率的降低交易费用的机制,其实际运行的高风险及由此衍生的资产价值长期低估就是这方面较好的明证。本文针对目前B股市场的发展定位提出了以制度创新和配合资本市场的渐进开放为核心的B股市场发展选择。
An efficient structure could provide a special mechanism to reduce trading cost. But much practical evidence shows that our B share market cannot provide that efficient mechanism. It takes on high risks and the value of assets is underestimated in the long term. We put forward our advice about how to open the market gradually and reform the structure to develop our B share market.
出处
《上海金融学院学报》
2006年第1期41-46,共6页
Journal of Shanhai Finance University
关键词
B股
市场效率
价值回归
B share, market efficiency, value regression