摘要
为厘清中国股票市场分配格局及其演变,有必要以股票发行、股票交易和股利分配三个过程为主线,考察各市场主体在股市分配格局中的地位。股票发行阶段,高发行价和发行费用使上市公司和证券公司受益;股票交易阶段,机构投资者凭借信息和资本优势攫取利润,高投机性导致巨额佣金收入和印花税;股利分配阶段,股利支付率不高且主要由个人大股东和机构投资者获得,现有的股息红利税收政策无法有效调节股市分配格局,非机构投资者尤其是小微投资者在股市分配中处于劣势地位。这一分配格局产生的原因主要有:中国股市的市场机制尚未完全建立,市场机制本身具有缺陷以及国家调节规律运用存在不足。要建立中国特色的股票市场,就必须完善股票发行的注册制度,调控监管并举,坚决遏制股票交易中的过度投机,保障股利分配中投资者的合法权益。
In order to clarify the distribution pattern and its evolution in Chinese stock market,it is necessary to examine the position of each market players in the distribution pattern of the stock market along the three processes of stock issuance,stock trading and dividend distribution.In the stock issuance stage,listed companies and securities firms benefit from high issuance prices and issuance costs.In the stock trading stage,the institutional investors capture profits by virtue of information and capital advantages,and high speculation leads to huge commission income and stamp duty.In the dividend distribution stage,the dividend payment rate is low and mainly received by individual major shareholders and institutional investors,and the existing dividend tax policy cannot effectively regulate the distribution pattern of the stock market.Non-institutional investors,especially small and micro investors,are in a disadvantageous position in the stock market distribution.The main reasons for this distribution pattern are:the market mechanism of China stock market has not yet been fully established,the market mechanism itself has defects and there are shortcomings in the application of state regulation laws.To establish a stock market with Chinese characteristics,it is necessary to improve the registration system for stock issues,keep regulation and supervision in parallel,firmly curb excessive speculation in stock trading,and protect the legitimate rights and interests of investors in dividend distribution.
出处
《海派经济学》
2023年第1期107-121,共15页
Journal of Economics of Shanghai School
基金
国家社会科学基金重大项目“改革开放以来中国发展道路的政治经济学理论创新与历史经验研究”(20&ZD052)的阶段性成果
关键词
股市分配
市场机制
国家调节规律
Stock Market Distribution
Market Mechanism
State Regulation Laws
