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今年7月以来,政府大大加强了对我国证券市场的清理整顿力度,例如清理银行违规入市资金、加强信息披露制度的建设、查处券商和上市公司的违规包装重组和透支等行为、取消上市公司的税收优惠政策等等,从而使证券市场的规范性的制度建设工作,取得了显著的成效。同时,也使得我国证券市场的泡沫问题,再次成为国人所警视和瞩目的焦点。我们认为,对我国证券市场泡沫问题的系统考察,可分为两个层面:一是静态的考察,即简单比较我国目前市盈率与发达国家的差别,由此容易得出我国目前证券市场的泡沫问题是十分严重的结论;二是动态的考察,即关注影响我国市盈率的核心因素——产权制度的现况及其未来的变化趋势,由此将大大降低对我国目前证券市场泡沫状况的估计和担忧。
Since July this year, the government has greatly strengthened the liquidation and rectification of the securities market in our country. For example, it has cleared banks ’capital inflows into the market, strengthened the construction of information disclosure system, investigated and punished the illegal package reorganization and overdraft of brokerages and listed companies, canceled the listed companies’ Tax incentives and so on, so that the normative system of securities market construction work has achieved remarkable results. At the same time, it has also made the issue of the bubble in China’s securities market once again the focus of attention and attention of the people. In our opinion, the systematic investigation of China’s securities market bubble can be divided into two levels: First, the static inspection, that is, simply comparing the difference between the current PE ratio in developed countries and that in developed countries, and thus making it easy to draw the bubble issue in the current securities market in China Is a very serious conclusion; the second is the dynamic investigation, that is concerned about the impact of China’s core price-earnings ratio - the current status of property rights system and its future trends, which will greatly reduce China’s current stock market bubble estimates and concerns .