政策对中国股市的影响分析 [9]
论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2014-06-11编辑:lzm点击率:17974
论文字数:8013论文编号:org201406111705272384语种:英语 English地区:中国价格:免费论文
关键词:中国股票市场波动影响实证分析stock marketpolicy market
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.
ind of name for itself that it hung (or even the Government of People or the Federal Republic), as long as the government itself is also a market investor, then it naturally will not be contrary to the identity without taking into account the interests of their own investment. What can be clearly say is that, in the market, the investors that does not map the interests of capital instead of only charity does not exist, and would not exist any time. This is determined by the interests of capital chasing investment capital of this immortal soul on this issue. Whether ordinary investors, or investment institutions, or government, all are all so. This is why Chinas stock market been called a "policy market". Talking about the inevitability, that is based on the above due to the situation said that the Chinese stock market, the non-policy market and could not.The government intervention in the market often from a desire for stability in the stock market, though contrary to the law which the stock market runs, but the game based on the self interests of all parties to the “policy market” to run a dependency, resulting in the sustainable operation of municipal policy.
3.4 The Character of Investment in Chinese market
As it is known to all, Chinese stock market is speculative in nature, and its inherent quality is low, which made it incompetent to capital supply a large number of high-quality businesses to impose the value of investments, therefore, in the market, the basic method and the only way to become the main access to capital, the interests of the stock market investors is a speculative way to try to gain the stock spread. Market investors and the capital of the main specificity of this speculation, the results tend to a loss of self regulatory function of the market. Therefore, in the speculative market, if not involved in the intervention of external factors, which regulate the market supply and demand relationship, would enable the market to long short conversions, as amended, to adjust and control the development process, and then the purpose of market trends, which are expected to rely on market self regulation to achieve this aim, has become out of the question. Therefore, this premise of the Governments policy interventions in the market duty bound to replace self-regulation function; because of the authority and effectiveness of policy interventions, in turn, the market for policy intervention in the formation of the trust and rely on government policy intervention. For this purpose, the time when government put into intervention by policy, is the opportune moment and according to advance and retreat of speculative capital into the market, for regulating market supply and demand relationship in order to achieve the amendment, to adjust and control the market trends in the development process aims. In this way, the Governments policy of intervene the organic composition of Chinas stock markets are indispensable and irreplaceable important part -- and thus taking on the historic mission of regulating the market. This is why the Chinas stock market is a “policy market”. By saying the necessity of the policy market, that means of Chinas stock can only be a policy market.
4 The Harmful consequences Cause by “Policy Market”
“Policy market” refers to use policy to influent the index surging trade limit of the Chinas stock market. Known as the “policy market,” the “policy ef
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