浅析股改前后我国股市文化的变迁

A Analysis of Cultural Change in the Stock Market During the Share-split Reform

股改前中国股市的主流文化是投机文化,其形成原因主要是股权分置这一制度性缺陷,同时股票市场供求失衡、市场效率低和股市旧文化的误导也是重要原因。股改后的股东利益的一致、价值中枢的形成及市场扩容、金融产品创新有有利于股市新文化——投资文化的形成。但股市新文化的培育仍然任重道远。

Before the share-split reform,the mainstream culture in the China＇s stock market is a speculative culture.The main reason is the the share-split,a defect of the system.Other important reasons include： the imbalance between supply and demand,the inefficient market,the misleading of the old culture.After the share-split reform,the interests of shareholders are consistent,the central value of the maket is formed,the market are expanding,the new financial products are emerging.All of these are conducive to the formation of a new culture-a investment culture.However,there still has a long way to go in the cultivation of the stock market culture.