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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,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瞩目的焦点。 国内有许多人认为,目前我国证券市场的泡沫问题十分严重和明显,因为我国目前的市盈率约为50倍,而发达国家的市盈率一般都是长期保持在20倍左右的水平。这种分析方法忽视了我国证券市场与发达国家证券市场的微观基础——企业运作机制的本质差别。
Since July this year, the government has greatly strengthened the liquidation and rectification of the securities market in our country and made remarkable achievements in the normative system construction of the securities market. At the same time, it has also made the issue of the bubble of China’s securities market once again the focus of attention of the people. Many people in the country believe that the current stock market bubble in China is very serious and obvious, because China’s current PE is about 50 times, while the developed countries generally have a long-term price-earnings ratio of 20 times or so. This method of analysis ignores the microscopic foundation of the securities market in our country and that of the developed countries - the essential difference of the operating mechanism of enterprises.