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时下流行的观点认为,A股定价高源于股权分置,因为股权分置使A股市场缺乏真实的供求基础,扭曲了A股市场的价值发现功能。因此,不解决股权分置,就不会有真正的市场化定价。我认为,此种观点极为偏颇。实际上,A股定价高的内因在于投资者自身的定价理念和盈利模式,股权分置只是外因之一。理由有以下几点。★同样是股权分置,境内外投资者定价差异明显。例如,在黔电力IPO询价中,
The popular view at the moment is that A-share pricing originates from the split-share structure because the split-share structure lacks a real supply and demand basis for the A-share market and distorts the value discovery function of the A-share market. Therefore, without resolving the split share structure, there will be no real market-oriented pricing. I think this view is extremely biased. In fact, the high price of A shares is due to investors’ own pricing concept and profit model, and the split-share structure is only one of the external factors. The reasons are as follows ★ The same split share structure, domestic and foreign investors significantly different pricing. For example, in Guizhou Power IPO inquiry,