股权分置改革前后中国股市系统风险波动的实证研究产业经济学专业论文.docxVIP

重庆大 重庆大学硕士学位论文 英文摘要 PAGE PAGE VI speaking In the stock market listed companies come more,quality of listed companies become better,then stock markets systematic risk should be lower,the non-systematic risk occupies should be higher. This article mainly utilize property Capital Asset Pricing Model on the measurement of stock systematic risk including the time before and after Reform of Nontradable Shares,By the mathematical statistic method calculate the stock system risk difference, On the random sampling method foundation, This paper selects 100 listed company , uses two index :the week returns ratio, the month returns ratio, apply the mathematical statistic method in calculation of system risk difference degree before and after Reform of Nontradable Shares, The computation result by week returns ratio including the system risk, is stabler than computation result by the monthly data, but the tendency is same. Its conclusion is: After the Reform of Nontradable Shares ,The Chinese Stock markets system risk drops obviously;The system risk appears the rise sign in 2007; Risk difference between various share plates is remarkable;the overall fluctuation amplitude drops; The short-term income is higher than the long-term income ;This cause the market gamble atmosphere to be serious; on the foundation of system risk measurement ,this artcle derive change of incucement to system risk, for example , the unassymetrical policy operation, deficit of the fund supplies, the level of market new stock release and so on ,are the primary cause that the system risk forms; According to the above consideration ,this paper proposed policy suggestions:reforms: the new stock release system;adopts the symmetrical explicit policy operation;the maintenance of economic growth rate, quality-enhancement to listed company so on. Keywords: Reform of Nontradable Shares, system risk, analysis of variance, Capital Asset Pricing Model 重庆大 重庆大学硕士学位论文 目 录 目 录 中文摘要 I 英文摘要 II HYPERLINK \l _bookmark0 1