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9月初,上证指数击穿1300点,创五年来新低。股市再一次引发舆论的强烈关注,各种观点纷纷出台,反倒把人说糊涂了。其实,我国股市存在的问题很简单,概括地说就是市场不成熟、不规范导致股价过高。1999-2003年五年间,沪市A股年末平均市盈率高达40.8倍,而海外成熟市场通常低于30倍市盈率。高股价反过来又阻碍了市场走向成熟、规范,助长了不规范之歪风。高股价是中国股市一切问题的现象与结果,同时也是症结所在。可以说,股市改革的核心命题就是如何让股价软着陆。
In early September, the Shanghai Composite Index broke through 1300 points, the lowest in five years. Once again, the stock market has aroused strong concern from the public opinion. Various opinions have been promulgated, which confound people. In fact, the problems in the stock market in our country are very simple. In a nutshell, the market is immature, and the non-standardization leads to the stock price being too high. In the five-year period from 1999 to 2003, the average P / E ratio of Shanghai A-shares at the end of the year was as high as 40.8 times, while the overseas mature markets were generally below 30 times P / E. High stock prices in turn, hinder the market to mature, regulate, contributed to the irregularities of unhealthy trends. High stock prices are the phenomenon and result of all the problems in the Chinese stock market, but also the crux of the matter. It can be said that the core proposition of the stock market reform is how to make the stock price soft landing.