上证指数“失真”现象在近两年达到不容忽视的地步,自02年初至今,其与“国泰君安指数”之间的累计涨幅差距已近13%,其主要原因就是“权重杠杆效应”和“新股计入规则改变”所致,其中“权重杠杆效应”产生了8.45%的差距,“新股计入规则改变”产生了4.3%的差距;给投资者带来一定的误解。因此建议市场重新选择以流通股本加权的全市场指数为参照系。 The “distortion” of the Shanghai Composite Index has reached a point where it can not be ignored in the recent two years. Since the beginning of 2002, the cumulative increase gap between the index and the “Guotai Junan Index” has been almost 13%. The main reason for this is the “weighted leverage effect” and the “IPO Accounting for changes in the rules ”, of which the“ weighting leverage effect ”has generated a gap of 8.45%, and the“ new shares included in the rules change ”has produced a gap of 4.3%; bringing some misunderstandings to investors. Therefore, it is recommended that the market should re-select the market index weighted by circulating capital as the reference frame.