股权分置改革——由市场走势引发的思考

股权分置改革后,沪深两市也走出了振荡中稳步攀升的走势,上证指数上涨幅度超过40％。这意味着,经过股权分置改革,资本市场“晴雨表”功能正在逐步发挥、资产定价标准趋于合理、价值投资理念逐步形成、管理层激励机制开始发挥作用以及我国的资本市场开始与国际接轨。然而现在毕竟处于股权分置改革初期,许多历史遗留问题还没有解决,因此还要通过完善新股发行的制度安排、切实解决上市公司大股东占款问题以及遏制更强烈的虚假信息披露冲动,来巩固股权分置改革的成果。

The Share Splitting Reform——Thinking from the Market Trend

After the share splitting reform, both the Shanghai and Shenzhen stock market index are increasing steadily over 40%. That means the capital market function as the appearance of the economy-operation is on-going, the thought of value - investing is becoming the common sense of investors, and our capital market has a closer relationship with the foreign capital market. Furthermore, we must improve the arrangement for IPO, solving the issues like the forced - borrowing by the main stockholders and the fault information exposure.