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中国经济连续十年来高增长,股票市场也同步大发展,但股价却是零上涨,构成了中国特有的股价十年不涨之谜。为探究谜底,本文首先逻辑推导出中国股价十年不涨源自于投资者的收益被侵犯的理论假说;其次,采用还原法和对比法作定量分析,实证证实IPO发行价格高、差公司进入市场、再融资价格高、较高的佣金和印花税等事实,确实侵犯了二级市场投资者的收益,构成了中国股价十年不涨的主要原因;最后,本文的结论为管理层完善投资者收益保护制度提供了重要的依据。
China’s economy has been growing at a high rate for ten consecutive years and the stock market has also developed at a great pace. However, the stock price has risen to zero and constitutes the mystery that the peculiar Chinese stock price has not risen in the past 10 years. In order to explore the answer, this paper first logically deduces the theoretical hypothesis that the Chinese stock price does not rise from the investors’ return infringement in the past ten years. Secondly, using the reduction method and the comparative method for quantitative analysis, the paper proves that the IPO price is high and the poor company enters The fact that the market, high refinancing prices, high commissions and stamp duty actually infringed on the returns of investors in the secondary market constituted the main reason for the non-rising share price in China in the last 10 years. Finally, the conclusion of this paper is that management optimizes investors Income protection system provides an important basis.