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相同的历史似乎又在第四次上演股权分置改革启动之后的一个月中,上证指数缩水10%。投资者似乎对于监管层试图解决中国股市二元结构这一制度性缺陷的良苦用心并不买账。这已经不是监管层第一次尝试了,只不过以前的尝试被称为国有股减持。投资者对此并不感冒,或是冷眼旁观,或是干脆用脚投票,股指应声而落。每次大张旗鼓的国有股减持最后都落得个灰头土脸,最后不了了之。
The same history seems to be the fourth month after the share merger reform was launched, the Shanghai Composite Index shrank by 10%. Investors do not seem to be buying up the good intentions of regulators seeking to resolve the systemic defect in the dual structure of the Chinese stock market. This is not the first attempt of regulators, except that previous attempts have been called state-owned shares reduction. Investors are not cold, or sit on the sidelines, or simply vote with their feet, the stock index should come down. In the end, each state-owned unit of large-scale state-owned stock holdings ended up being out of shape and ultimately failed.