CAJ | 학술논문

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。
중국경제련속십년래고증장，고표시장야동보대발전，단고개각시령상창，구성료중국특유적고개십년불창지미。위탐구미저，본문수선라집추도출중국고개십년불창원자우투자자적수익피침범적이론가설；기차，채용환원법화대비법작정량분석，실증증실IPO발행개격고、차공사진입시장、재융자개격고、교고적용금화인화세등사실，학실침범료이급시장투자자적수익，구성료중국고개십년불창적주요원인；최후，본문적결론위관리층완선투자자수익보호제도제공료중요적의거。
China＇s economy has experienced a decade of high growth continuously. The stock market also has developed quickly at the same time, while the stock price got zero growth. This phenomenon constitutes a puzzle that share price in China got no growth in ten years. To explore the mystery, firstly the article logicly deduces a theoretical hypothesis that share price in China without growth in ten years is derived from that investors＇ benefits have been infringed; Secondly, using the reduction method and contrast method for quan- titative analysis, the high price of IPO issued, poor companies entering the market, the high price of refi- nancing, the high commission and stamp duty, are empirically proved that indeed infringed investor returns on the secondary market, causing share prices without growth in China in ten years; Finally, the conclusion of this article provides important foundation for management to improve the system protecting investors＇ benefits.