中国股市的“政市”现象分析.pdfVIP

论文提要 中国股票市场是典型的 政策市 其特征是 政策性因素是导致股票市 场大幅波动的主要因素 政府干预是 政策市 的基本特征 波动频繁是政策 市的明显特点 中国股市 政策市 成因在于其制度性缺陷 主要包括三点 表象原因 供求关系失衡导致政府政策性干预 深层原因制度缺陷 即 体制缺陷 机 制缺陷 结构缺陷 功能缺陷和规则缺陷 一定程度的政治原因 中国股票市场的 政策市 特征和造成这种特征的制度性缺陷 制约了股 市市场化发展 制约投资者正确投资理念的形成 制约中国经济体制改革的进 程 因此 要以市场手段 通过市场化 法制化 国际化机制来解决中国股票 市场 政策市 问题 Analysis of the “policy-market” phenomenon of the Chinese stock market Abstract: Since China’s establishment of stock market in 1992, the Chinese stock market has been a typical “policy market” as it is under the strong regulation and control of policies. The feature of “policy market” of the Chinese stock market is mainly reflected as :Policy-related factors are main reasons leading to the large-margin fluctuations of the stock market.;Policy interferences are the basic feature of “policy market”;Frequent fluctuations are the obvious feature of the policy market. Questions existed in the Chinese stock market are not caused by the imperfection of market rules of ordinary emerging market, but institutional defects. The defects mainly include:Superficial reason--imbalance of demand and supply leads to governmental policy-related interference;In-depth reason--institutional defects. The institutional defects are reflected in five aspects: system defects, mechanism defects, structural defects, functional defects and rules defects;Political reason. The “policy market” feature of the Chinese stock market and the institutional defects leading to the feature make the Chinese stock market be in depression for a long period of time. It mainly includes three aspects:Restrict the development of stock marketization.;Restrict the formation of correct investment concept