摘要:Through empirical analysis on policy factors towards the stock market, we found that the stock market reacted strongly to the policy. The problem of “policy market” is rather serious.
fect” in the stock market depicts the sensitive and responsive degree stock market reaction on policy.
4.1 Weakening the Function of Resource Configuration of Stock Market
The securities market in any country or region would be reacted to the introduction of relevant policies; on the other hand, when the securities market turns up any abnormal fluctuations, any government would be issued a policy to intervene the market. But in a healthy and efficient securities market, the price, returns and their volatility should be affected by the main and fundamental subject in the long term, and responded to the right policy would be appropriate. If the government interments too much in the securities market, or the market overreaction on the policies, then market prices, returns and volatility would be mainly driven by policy in a long run, which means that there are serious deficiencies in the market mechanism, which can not achieve the basic functions of resource allocation. At the same time, due to the impact of government action on the securities market, the formation of a market turn the situation around the policy, making the stock market difficult to reflect a true reflection of economic development, which greatly reduced the role of market mechanism.
4.2 Encourage Speculation, against the Investment Value
The “Policy market” implicitly told the majority investors that, risk is not horrible in any market, if market turn up any risk, the Government will come out and assume initiatively. This is bound to encourage market speculation, inflating the stock market bubble, which has not conducive to resolving the variety of institutional and structural issues of mainland stock market fundamentally.
One survey shows that, 76.3% of the investors complete a stock operation cycle in less than six months in the operation, while the operational cycle of less than one month accounted for 27.0% of investors, which actually shows, investors generally have a short term investment behavior.
“Policy market” contributed to the stock market speculation, and restricted the right of investors to form investment philosophy, causing investors reliance to the policy to control over the market, which is not conducive to truly implement the buyers in the market conceited market principles and cultivate the right ideas.
At the same time, due to stock market fluctuations caused by government policies, the operating condition of corporate can hardly be able to show out, that made the value investors making a loss, and even loss of confidence to the whole stock market, then come out a shift to fight with policy information and financial strength as a short term speculative investment.
4.3 Increase the Cost of Reform of Government Policy
Government regulation of securities markets require substantial human and material resources and financial resources, which undoubtedly increased the cost of government reforms, more accurate to say that government is taken on the market should be shared of the cost.
Under the current situation, Chinas securities market mechanisms for innovation in government regulation should be toward the independence, legitimacy, legality, transparency, stability, independence, which is also the goal. Government regulatory agencies to avoid the dual role in the market and concentrate on doing a good job monitoring work, and not directly involved in the market.
To reduce costs,
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