从发展中国家股市特征分析中国股市的周期性震荡

An analysis of the periodical shaking in Chinese stock market from the perspective of peer countries' stock market development

股权分置改革虽然基本解决了市场分割问题,但是中国股市周期性震荡再次发生。虽然其中有与发展中国家股市发展阶段类似的普遍性,但也有中国股市本身的特殊性。股权分置改革没有改变中国股市的市场特征、市场基础和市场系统性风险。

Share merger reform has almost solved the problem of division in Chinese stock market, but the periodical shaking in Chinese stock market still happens. Although such phenomenon reflects the similarity in other developing countries＇ stock market, it may be out of the particularity of Chinese stock market. Share merger reform has not changed the characteristics, the market foundation, and the systematic risk in Chinese stock market.