中美股票市场比较分析与启示

由于监管制度、投资者结构和股指波动驱动力不同，中美股市运行特点迥异，中国股市换手率高、投机性强、波动性较大、牛短熊长，美国股市相对稳定、牛长熊短。中美股市上市公司行业结构基本反映了两国经济结构和经济发展阶段的差异。中国股市融资规模、上市公司数量持续快速扩大，但上市公司总市值和经济的证券化率与美国差距不断扩大， 特别是2010年以后中国股市估值水平和盈利能力降至美国股市之下，与中美经济增长格局出现背离。中国股市仍存在诸多不足和需要进一步完善发展的空间。

The Comparative Analysis and its Enlightenment of China-US Stock Market

Due to the different driving forces of stock index, the regulatory system and investor structure, the operating characteristics of China-US stock market are very different. The Chinese stock market has a high hand turnover rate, strong speculativeness, large volatility, short bulls market and long bear market. The US stock market is relatively stable, its bulls market is long and bear market is short. The industrial structure of listed companies in China and the United States stock market basically reflects the differences in China-US economic structure and economic development stages. The financing scale of China''s stock market and the number of listed companies continue to expand rapidly, but the gap of the total market capitalization and the economic securitization rate between China and the United States continues to widen. Especially after 2010, this is contrary to the pattern of China-US economic development. China''s stock market still has many shortcomings and leaves much to be desired.