我国股票市场“政策市”影响及成因分析.docVIP

我国股票市场“政策市”影响及成因分析 刘文广 北方民族大学 商学院 宁夏 银川 750021 摘 要 政策是影响股票市场价格、回报和波动性的重要因素，而中国股票市场上，政策的影响尤甚。本文通过对我国股票市场建立以来的表现进行分析，深入挖掘得出结论：我国股市剧烈波动的主要原因是管理层的行为。从股市表现中发现管理层对股市波动的影响是在不断减弱的，进而对股票市场上的不同主体给出建设性的建议。 【关键字】：中国股市、政策市、股票价格指数、非理性波动 Chinese stock market policy market influence and cause analysis Liu wenguang School of Business, Bei Fang University of Nationalities,Yinchuan 750021,China ABSTRACT Policy is affect stock market prices, returns and the important factors, and the volatility of Chinas stock market, particularly policy influence. Based on Chinese stock market has established performance analysis, the conclusion: dig deeper into sharp fluctuations in Chinas stock market is the main reason of the management behavior. From found in equity market performance management for stock market fluctuations in the influence is the weakening of the stock market, and the different subject gives constructive suggestion. 目 录 前言································································1 一、中国股市“政策市”的表现········································2 构成“政策市”的因素······································2 中国股票市场的政策市特征··································2 我国股市“政策市” 表现由来已久·····························2 二、政策市”对我国股票市场的有利影响································4 国家干预促股市健康发展····································4 强有力的抵御金融危机的影响································5 三、“政策市”对我国股票市场的危害·····································5 （一）引起股价剧烈震荡···········································5 （二）扭曲投资理念···············································6 （三）影响我国证券市场化进程······································6 （四）影响我国证券市场国际化······································6 四、我国股票市场“政策市”表现的成因剖析·······························6 （一）政府计划经济思想残余········································6 （二）股市运行机制不健全··········································6 （三）政府干预范围大，政策干预频繁································7 （四）大众股民非理性的跟风·······································7 五、摆脱“政策市”的建议·············································8 （一）给监管层的几点建议···········