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B 股市场作为中国股市的一个制度创新,是改革开放的产物,是股票市场国际化的重要形式,也是吸引外资的重要途径,然而经过近九年的发展历程,B 股市场的现状与开放性、国际化的设计初衷相去甚远。目前沪深两市共有108家 B 股上市公司,近40亿美元流通市值的规模,较初创阶段已有了较大的发展,但较之于现在日均成交水平超过香港的 A 股市场而言,其发展已远远滞后。一、B 股市场存在的问题1、定位不明确。1997年红筹股、H 股大量发行以来,B 股市场作为内地企业筹集外资的窗口功能受到极大的冲击。无论从市场总体规模,还是单个股票流通规模,B 股市场与红筹股、H 股的差距越来越大,使得 B 股市场的影响力越来越小。
As an institutional innovation in China’s stock market, B-share market is a product of reform and opening up. It is an important form of internationalization of stock market and an important way to attract foreign investment. However, after nearly nine years of development, the status and openness of B-share market , A far cry from the original intention of international design. At present, there are 108 B-share listed companies in Shanghai and Shenzhen stock exchanges with a market capitalization of nearly 4 billion U.S. dollars. Compared with the current A-share market, which has an average daily turnover of more than Hong Kong’s Its development has lagged far behind. First, the problems in the B-share market 1, positioning is not clear. Since the issuance of a large number of red chips and H shares in 1997, the function of the B-share market as a window for raising funds by mainland enterprises has been greatly affected. In terms of the overall market size or the size of a single stock, the growing gap between the B-share market and the red-chip stocks and the H-share stocks has made the B-share market less and less influential.