当股票的投机价值不复存在时,还不如政府进行全盘要约收购。中国的股市是在相当不成熟的条件下创生的,当初的指导思想不过是聚敛社会上的闲散资金支持国家建设、为国有企业筹集不必偿还的资金。股票带给持有者的终极价值是所有权和收益权,但我们的股民不能对上市公司的治理施加任何影响,也难得在上市公司盈利时得到合理的分红。 When the speculative value of the stock ceased to exist, it was not as good as the government’s overall tender offer. China’s stock market was born under quite immature conditions. The original guiding principle was nothing but the accumulation of idle funds in the society to support the building of the country and the raising of non-repayable funds for state-owned enterprises. The ultimate value that the stock brings to the holder is the right of ownership and profit, but our shareholders can not exert any influence on the governance of the listed company and it is rare to get a reasonable dividend when the listed company makes a profit.