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本文利用最新可获得的数据,采用比较研究方法分析了中美股票市场“规模效应”的异同点。研究结果表明:与美国股票市场不同“,市场操纵”和投机风气盛行是导致我国小市值股票高收益、小盘股价格高企的重要原因。因而,现阶段纯粹的西方价值投资理念还不完全适合于我国证券市场,必须同时配套完备的市场监管和公司治理制度,才能保证我国证券市场良性发展。
This paper analyzes the similarities and differences of “economies of scale” between China and the United States stock market by using the latest available data and comparative research methods. The results show that the different “market manipulation” and speculation prevailing in the U.S. stock market are the important reasons for the high yield of small cap stocks and the high price of small cap stocks in China. Therefore, the concept of pure western value investment at the present stage is not entirely suitable for China’s securities market, and must be accompanied by a complete system of market supervision and corporate governance in order to ensure the sound development of China’s securities market.