关于股权分置改革动因的思考——基于“灰箱论”的理性分析

Reflection on the Reform of Sub-owned Equity:——Rational Analysis Based on“Grey Box Theory”

近年来我国股票市场的发展与总体经济发展极不协调,其原因可归结为我国股票市场的“灰箱”特性之一:记忆性。股票市场的测试者——投资者及潜在投资者往往通过记忆来测试股市,进而采取行动。但越来越多的负面记忆使得测试者逐渐停止对股市系统的测试,测试的停止则意味着股市的停滞、退化。针对这一情况,相关部门采取了一系列改革措施。其中,股权分置改革就是对股市“灰箱”系统的改良措施之一。

The development of stock market in recent years in China is extremely uncoordinated with the country＇ s overall economic development, the reason can be attributed to one of the characteristics of the ＂grey box＂ of our country＇s stock market： memory. Stock market＇s conners, that is, the investors and the potential investors, often test the stock market through memory before taking some actions. But more and more negative memories have caused the conners to stop to test the stock market system, which means stagnation and degeneration of the stock market. In view of this situation, the related departments have taken a series of reform measures, among which, reform of the sub - owned equity is to imorove the ＂grey box＂ system.