中国股票市场的高速扩容效应.docVIP

中国股票市场的高速扩容效应 摘 要 我国的股票市场属于典型的新兴市场，从1990年底上海证券交易所成立到今天，中国股票市场从白手起家一直发展到和国际股票市场相提并论的地步仅仅用了十年左右的时间。股市扩容促进了企业的价格发现和价值重估、引领了企业制度变革促进国有企业和国有资产管理模式的改变、丰富了吸引国际资本的方式有助于中国融入世界金融体系，股票市场的扩容促进了中国经济的发展。 从上海证券交易所成立，中国股票市场经历了十年的大扩容。股票市场的扩容促进了中国经济的发展，使中国经济产生了巨大的优势。然而十年扩容后，股指从从2001年6月14日沪指的年度最高2245点，到2011年12月13日的2245点，仿佛进入了一个十年怪圈。快速的扩容带来了市场融资功能，财富效应的丧失，以至于多数中国投资者对中国股市失去信心，对大扩容产生恐惧。 财富效应的丧失、中国股市缩水、中国投资者对于中国股市丧失信心。为了摆脱这些不良影响让中国股票市场回归理性的发展，需要股票市场有正确的扩容取向和市场化. 关键词：股票市场；市场扩容；泡沫经济；财富效应；市场化  Abstract China’s stock market is a typical emerging market, from the establishment of the Shanghai stock exchange, Chinese stock market has been developing from the start empty-handed to international stock market in just ten years time. Stock market promote enterprising price discovery and valuing revaluation, it has led the enterprise system reform and promoted state-owned enterprise and state-owned assets management mode change, riching international capital contribute, make China into the world financial system, stock market expansion promoted Chinas economic development. From the establishment of the Shanghai stock, China stock market has experienced ten years of expansion. Stock market expansion promoted the development of Chinese economy, and make Chinese economy produced tremendous advantage. However, ten years from expansion, the index from 2245points in June 14, 2001 to 2245 in December 13, 2011, as a cycle of ten years. Rapid expansion make market lose wealth effect and financing function, so that most Chinese investors lost confidence to Chinas stock market, they also be fear of large capacity expansion. The loss of wealth effect, Chinese investors in Chinas stock market has lost confidence. In order to get rid of the bad influence and make Chinese stock market returning to a rational development, it need stock market have the correct orientation and market expansion. Key words: large expanding; financing; bubble economy; wealth effect; Market 目 录 引 言 1 一、股票市场的扩容 1 （一）股票市场的扩容现实 1 （二）股