中国股票市场:2005年回顾和2006年展望

Opportunities in a New Perspective: A Review of 2005 and an Outlook of Chinese Stock Market in 2006

本文系统地概括了中国股票市场2005年的重大事件,其中包括股权分置改革、新的《公司法》和《证券法》出台、证券产品创新和证券公司的整合,既分析了这些重大事件的成因,也探讨了它们的后续效应。并对2006年股市的可能走势进行了研讨,提出了一系列政策建议。

This paper systematically summarizes the key events on the Chinese stock market during 2005, including the reform of non-marketable shares, the launches of the new Corporate Law and the new Securities Law, the innovations of securities products and the integration of securities companies. We not only analyze the underlying causes of these events, but also discuss their significant consequences. On the other hand, we also discuss the possible trends of the stock market in 2006 and put forth a series of policy recommendations.