摘要
中国股市的定价权是中国经济主权的构成部分,它不允许也不可能外移给国际机构。中国股市的国际化绝对不意味着中国股市非中国化,也绝对不意味着需要将股市定价权外移海外。资产定价中的“一价定理”在实践中是不成立。从“一价定理”中试图得出全球股市“一价”的结论,非旦是谋求一件不可能之事,而且可能极容易将研究引入误区。如果说对“一价定理”的实践效能缺乏认识还是属于研究不够深入严谨的话,那么,在明知这一定理存在实践缺陷的条件下,还在继续坚持并误导,就是别有他图了。市盈率存在着诸多缺陷,它只能是一个参考指标,不能是一个判别股价高低的基本指标,它并无一个国际通行的倍数标准。在建立多层次股票市场体系中,需要注意解决股市规则、构建机制、股市品种、机构投资者和制度建设等问题。建立多层次股票市场体系的过程,就是为中国股市国际化作准备的过程,也是中国股市国际化的构成部分。
The pricing right in stock exchanges is a part of economic sovereignty of China, which should not and could not be transferred to international organizations. The Globalization of Chinese stock exchanges means neither alienation from China nor transferring pricing right abroad. The Unique Price Theorem in asset pricing is not valid in practice. It is not only impossible trying to draw a conclusion that there would be a unique price for equity in the global market, but also misleading the research. If one holds and promotes the invalid theorem, he is either lack of understanding of the matter, or misleading on purpose. P/E is only a reference indicator with many defects and could be used as a generally accepted indicator to show whether the price is high or low. In the establishment of a multi - layer stock exchange system, it is important to deal with such issues as market rules, products, institutional investors and market mechanism. The process of building such a market should be one preparing for globalization, and would be a part of globalization.
出处
《财贸经济》
CSSCI
北大核心
2005年第3期3-8,96,共7页
Finance & Trade Economics
