中文摘要：

笔者以产权分析为前提,研究了我国股票价格、股票市场发展及制度演变过程。指出,股票是权利的集合体,股票理论价格是股票权力集的价值总和,是权力博弈均衡的结果,而股票交易价格只体现股东权力集价值。其中权力分割、交易和再分配特性决定了股权动态均衡特征、股市起源和制度演进。

英文摘要：

Based on the property right, the paper studies the development and the system evolvement of our stock market, indicating that the stock is the aggregation of the power and the stock theoretical price is the summation of the powers value of the stock and the result of the game equation, and the stock exchange price is determined by the stockholder＇s right. It is property right that determines the stock price, the origin and the transition of Chinese stock market.