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自20世纪90年代上海和深圳证券交易所分别成立以来,我国资本市场已有近二十年的历史。在此过程中,我国资本市场在容量、监管、信息披露制度等各方面都有了较好的发展。就深交所中小板市场而言,自2004年5月开板以来上市公司的数目已经达到701家。深圳中小板的开市在一定程度上解决了中小企业融资难的问题。但是,在繁荣的同时也隐藏着危机。由于中小板市场大部分投资者缺乏正确的投资理念,投机意识仍然占据主导地位,导致股价被人为哄抬炒作,股票价格明显偏高的现象层出不穷,股价不能准确地反映上市公司的内在价值。上述不正常的现象显示出我国证券市场发育不成熟,股票发行缺乏效率,而问题的关键正是股票定价。
Since the establishment of the Shanghai and Shenzhen Stock Exchanges in the 1990s respectively, the capital market in our country has been in the past two decades. In this process, the capital market in our country has a good development in terms of capacity, regulation and information disclosure system. For the SME board market, the number of listed companies has reached 701 since its opening in May 2004. The opening of small plates in Shenzhen to a certain extent, solve the problem of financing SMEs. However, there is also a crisis hidden in its prosperity. As the majority of small and medium-sized board investors lack the correct investment philosophy, speculative awareness still dominates. As a result, the stock price is being artificially hyped up and the stock price is obviously high. The stock price can not accurately reflect the intrinsic value of listed companies. The above abnormal phenomenon shows that the development of China’s securities market is immature and the stock issuance lacks efficiency. The crux of the problem lies in stock pricing.