中国股市泡沫浅析

中国股市泡沫的出现主要是基于四个方面：市场的非完全有效性、缺乏有效的红利分配、政策干预严重和缺乏做空机制。在股权分置改革后，产业资本与金融资本可依据Q值的大小，通过企业市场市值和重置资本的调整，使得Q值维持在合理的水平，抑制泡沫的膨胀。

Analysis on the Bubbles in Chinese Stock Market

The emergency of China's market bubbles is mainly due to four aspects,which are the non-completely validity of market,lack of effective profit distribution mechanism,serious government intervention and lack of the short sales mechanism.After the stock ownership reform,the industrial capital and financial capital will make the Q ration within the reasonable bound according to the corporate market value and re-investment capital regulation and then reduce the bubbles.