The key to untangle the riddle of formation and fluctuation of stock prices is how to explain why the prices of listed companies deviate from the basic value more than those of non-listed companies and can maintain deviation for a long time.

• 解开股票价格形成与波动之谜的关键,是如何解释上市企业的股价为什么比非上市企业的股价更容易偏离基本价值,并能持续较长时间。