中国股市2005年以来新一轮热潮形成的原因、作用和影响

中国股市从2005年6月的两年来快速上涨达400%,市值增长了200%-250%,引起国内外广泛关注,且褒贬不一.我们认为,中国股市的新一轮高潮是由政治安定、经济增长、大部分企业效益明显上升、股权分置改革完成,以及因人民币升值而导致的流动性过剩等种种因素的综合作用形成的,应因势利导,兴利除弊,科学理性地对待之.

Causes, Effects and Influence of the New-round Climax in the Chinese Stock Market since 2005

The index of the stock market of China has surged rapidly by 400% in the two years since June 2005,and the market value has risen by 200%-250%.Broad attention has been attracted at home and abroad,with different comments on the merits and demerits.The authors hold that it is the resultant force of the following factors that leads to the new climax in the stock market of China: the stable political environment,the economic growth,the obviously-rising effectiveness of most enterprises,the accomplishment of the Share-trading Reform of Listed Companies,and the liquidity surplus caused by the appreciation of RMB,etc.It is suggested that the authorities concerned should conduct the market according to current situation,promote the advantages and eliminate the disadvantages of the market,and adopt a scientific and rational attitude towards this climax.