我国股票市场高投机性制度性因素研究.docVIP

摘 要 股票市场的健康运行意义重大。我国股市成立以来，在较短的时间内得以较快的发展，目前已初具规模。然而，过度的投机性一直是制约我国股市健康发展的主要问题之一。近年来，我国股市显现出了持续低迷的运行态势，股市遗留的一些问题必须逐一解决，这也为从根本上治理股市的过度投机性提供了契机。 要成功解决问题必须找准症结。由于制度对人类的偏好形成及行为具有决定性的影响，并且它所具有的这种功能又因制度不同而有着优劣良莠之分，因此本文认为，我国股市的高投机性与股市的制度性因素有着必然的联系。这是本文立题的主要原因和依据。 由于制度的起点和发展过程决定了制度的性质，因此本文从历史和逻辑演进的角度对我国股市的各种制度性因素的形成轨迹和特征进行了梳理，并以此为全文的主线，深入分析和论证了我国股市制度性因素通过放大投资者的固有认知和行为偏差而引发投资者投机行为的作用机理，以及通过影响上市公司行为导致上市公司价值缺失而引发投资者投机行为的作用机理。由于投资者的过度投机行为直接导致我国股市的高投机性，因此，以上分析体现了“制度→投资者行为→市场结果”这一逻辑脉络。最后，本文针对我国股市制度性因素的缺陷及其对股市投机性的引致机理，提出了治理投机性的制度创新路径和较为具体的政策建议。 关键词：股票市场；高投机性；制度性因素；制度创新 Abstract A healthy stock market has very special importance to a sound economy. Since its establishment, China’s stock market has seen a rather rapid growth and formed a fundamental mechanism in a comparatively short period of time. However, the over-speculation has become the main problem of the market and seriously hindered its further development. China’s stock market has been depressing for quite a long time and the problems left over by history has become more and more serious now. It is high time for China to face and tackle them one by one, especially the problem of over-speculation. Finding out the crux is the key to solve the problem. Since the institution factor has a decisive influence on the men’s preference and behavior, therefore, the paper holds that there is a positive relationship between the over-speculation and institutional factors of China’s stock market. This is the starting and further developing point of the whole thesis. Since the nature of an institution depends upon its initial starting and the process it develops, the paper tracks the forming process of institutional factors of China’s stock market and concludes the characteristics of them from the historical and logical angel. Directed by this main clue, the paper examines how the institutional factors magnify investors’ cognitive bias， and how they results in the absence of investing value of listed companies. Both of them stimulate