股权分置改革市场效应的实证分析

An Inspect and Analysis on the Effect of the Split Share Structure Reform

目前中国股市问题的症结,不在于人们经常批评的新兴加转轨市场的种种不规范和不成熟,而是另有一股更强大的力量推动股市的重心持续下移。由于特殊的历史原因,我国证券市场形成了非流通股和流通股两种不同性质的股票,造成同一上市公司的股票同股不同价、同股不同权的"股权分置"现象。在借鉴国内外研究文献的基础上,结合目前我国证券市场的现状,检验和分析了股权分置改革给我国证券市场带来的影响。

At present China＇s stock market crux of the problem is not the merging and transitional markets that are often criticized, but another more powerful forces that continue pushing the stock market to go down with the center of gravity. Due to special historical reasons, China＇s stock market have formed non - tradable shares and tradable shares, that cause the stock of same listed company have different price and different weights. This phenomenon is called ＂the split shares structure＂. Based on previous studies and combination the current status of China＇ s securities market, this passage examined the share reform to the impact of China＇s securities market from the market and social effects.