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也许十五年后，当中国股市由政策市向市场市的转变，形成合理的定价机制的时候，我们再看2005年，就会感叹“历史在争议中前进。” 的确，这是最好的时代，也是最坏的时代；有的人认为这是暗无天日的黄昏，有的人认为这是前所未有的机遇；有的人认为这是赌博，但更多人认为这是创新。 2005年，股权分置改革正在推进。 截至2005年12月12日，共有339家上市公司完成或进入股改程序，覆盖了内地所有的省、市、自治区。这些公司的总市值占到沪深两市总市值的30％左右。 股权分置改革遵循的原则、基本方法得到了普遍的认同。中国证监会主席尚福林如是说。应当看到，改革预期趋于稳定，资本市场将步入新的发展阶段。但在操作层面上，中小股民与上市公司大股东的博弈始终未见消停。 当然，如果相对于15年前，中国股市的发展速度已属世界金融领域之最
Perhaps fifteen years later, when the Chinese stock market is transformed from a policy market to a market and a reasonable pricing mechanism, let us look again at 2005 and lament that “history is advancing in disputes.” This is indeed the best Some people think this is an endless dusk. Some people think this is an unprecedented opportunity. Some people think this is gambling, but more people think it is an innovation. In 2005, the split share structure reform is advancing. As of December 12, 2005, a total of 339 listed companies completed or entered the share reform program, covering all the provinces, cities and autonomous regions in the Mainland. The total market capitalization of these companies accounted for about 30% of the total market capitalization of Shanghai and Shenzhen. The principle and basic method of the non-tradable share reform have been universally accepted. Shang Fulin, chairman of China Securities Regulatory Commission, said. It should be noted that the reform is expected to stabilize and the capital market will enter a new stage of development. However, at the operational level, the game between small and medium shareholders and major shareholders of listed companies has never stopped. Of course, if compared with 15 years ago, the growth rate of China’s stock market is already the highest in the world financial field