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股权分置现象的存在被认为是我国股市缺乏价值投资环境的根本原因之一,在这一制度设计下投资者很难做出准确的价值判断,反映在市场交易中,就是投机现象严重.造成股票价格偏离内在价值的幅度大且价格回归缓慢。股权分置改革使我国股市进入全流通时代,随着股权分置的终结,我国股市价格偏离度能否有效降低,从而使我国的投资者将更多的精力转向对企业的价值研究呢?文章试图通过对股改前后相同长度时段短时股票价格偏离水平的比较分析来回答这一问题。
The existence of split-share structure is considered as one of the fundamental reasons for the lack of value investment environment in China’s stock market. It is very difficult for investors to make accurate value judgments in the design of this system, which is reflected in the serious speculation in the market transactions. The deviation of the stock price from the intrinsic value is large and the price returns slowly. With the reform of split share structure, China’s stock market has entered an era of full circulation. With the termination of the split share structure, whether the deviation of the price of Chinese stock market can be effectively reduced, so that our investors will shift more energy to the study of the value of the enterprise. Trying to answer this question through the comparative analysis of the short-term stock price deviation level in the same length of time before and after the share reform.