论文部分内容阅读
中国股市发展中特有的股权分置结构决定了研究股市收益率问题的复杂性。本文提出用全收益率的标准来衡量中国股市的整体收益率,认为在股权分置及其逐步解决的过程中,研究股市全收益率具有重要的意义,也是讨论股市其它问题的理论基础。随着股权分置改革渐进式地推进,中国股市各类股权所有者的收益分布会发生显著的结构性变化。从长期看,股权分置改革能使投资股东和原始股东的收益函数趋于一致,有助于实现整体收益的最大化。
The unique shareholding structure in the development of China’s stock market determines the complexity of studying the rate of return on the stock market. This paper proposes to use the standard of full rate of return to measure the overall rate of return of China’s stock market. It is considered that the study of the full rate of return of the stock market is of great significance in the course of the share-trading and its gradual settlement and is also the theoretical basis for discussing other issues in the stock market. As the non-tradable share reform advances progressively, the income distribution of various types of equity owners in China’s stock market will undergo a significant structural change. In the long run, the non-tradable share reform can bring the income functions of investment shareholders and original shareholders to the same level and help to maximize the overall profit.