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本文从产权角度分析了非流通股与流通股的差异,认为,正确理解股票内在价值是寻找沪深股市每况愈下原因的前提条件,股权分置仅仅是股市下跌的原因之一,流通股股东合法权益得不到有效保护才是股市每况愈下的根本原因。
This paper analyzes the difference between non-tradable shares and tradable shares from the perspective of property rights. It is a prerequisite to find out the deteriorating reason of the deteriorating market in Shanghai and Shenzhen stock markets. The reason is that the split share structure is only one of the reasons for the decline of stock market. Without effective protection is the root cause of the deteriorating stock market.