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《上市公司股权分置改革管理办法》正式公布标志着从9月份开始沪深股市将迎来全面推进股权分置改革的阶段。由于业绩和对价成为估值的两个要素,因而股改时期的外部经济环境和股改对价水平将对未来市场估值产生重要的影响。宏观经济稳中有降,部分上市公司业绩已回落,根据对国内外GDP数据的相关性研究,以及全球GDP的数据和原油价格变动进行的相关性研究结果表明,全球经济的景气增长周期已经
The Listed Company’s Administrative Measures for the Share Merger Reform formally announced that from September the Shanghai and Shenzhen stock markets will usher in the stage of comprehensively promoting the share-trading reform. Since performance and consideration become two elements of valuation, the external economic environment and the price of the share reform will have a significant impact on the future market valuation during the share reform period. The macroeconomy has been declining steadily and the performance of some listed companies has dropped. Based on the correlation between GDP data at home and abroad, the correlation between global GDP data and crude oil price changes shows that the global economic growth cycle has been