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长期以来,股权分置等制度性缺陷使得证券市场“弱肉强食”现象触目惊心股改已全面铺开,预计年内上市公司的股改有望完成,即上市公司即将迈入全流通时代。因此可以说,今年是股市的转折年。弹指一挥间,中国股市用十五年的时间匆匆走过了西方证券市场上百年的路。温故而知新,本文通过历史数据对十五年来证券市场利润分配进行结构性剖析,找出困扰证券市场发展的制度性“原罪”,不但有助于投资者对中国股市的过去有一个更客观的认识,而且有助于我们更好地认识后股权分置时代的中国股市。
For a long time, institutional defects such as shareholding structure make the stock market “jungle” shocking reform has been fully rolled out, is expected during the year listed company stock reform is expected to be completed, that listed companies are about to enter the era of full circulation. So we can say that this year is the turning point of the stock market. Flinging, China’s stock market hastily traveled the centuries-old route of the western stock market with 15 years. Therefore, through historical data we can make a structural analysis of the profit distribution in the securities market in the past 15 years and find out the institutional “original sin” that plagued the development of the securities market. This not only helps investors to have a more objective view of the past in the Chinese stock market Understanding, but also help us to better understand the post-share-split era of China’s stock market.