浅析影响我国股票市场主要因素.pdf

试论影响我国股票市场的几大主要因素 试论影响我国股票市场的主要因素 摘 要 自1990 年中国深圳、上海证券交易所成立，标明中国企业从间接融资向直 接融资、股权融资的转变，中国证券市场已成为中国经济格局中最重要的组成 部分。中国经济改革开放以来发展最快、影响最广的是证券市场，在其发展成 长的历程中，经历了极度的曲折和动荡，它不仅是中国社会主义市场经济建立 发展完善过程中最活跃、最引人注目的市场，而且也是国有及国有控股企业股 份制改造建立现代企业制度的主战场之一，成为了对社会各阶层触动最深的领 域。正因为证券市场是社会各阶层经济利益最集中的地方，社会财富转移最快 的场所，货币市场和资本市场的汇聚点和交接部，受到了经济活动各个主体的 高度关注。 本文从内因（资产结构、市场制度）和外因（宏观经济中的 GDP、汇率、 通货膨胀）两方面对我国股票市场的发展进行了探究。就内因方面而言，对中 国股票市场存在的制度缺陷和上市公司股权分置改革作出了着重的分析。而在 外因方面，文章就 GDP、汇率和上市公司总市值之间做了相关的线性回归分析， 说明了宏观经济因素对中国股票市场的影响。 关键词：市场制度；股权改革；通货膨胀；宏观经济 I Abstract Since the establishment of Shenzhen Stock Exchange and Shanghai Stock Exchange in 1990, it is significant milestone that Chinese enterprises change its financing channel from indirect to direct financing and equity financing; the China’s Securities Market has become the most important part in China economy. With it’s by speedy development and deep impact, the China’s Securities Market has developed over the past decade of China Economy Reforming and experienced the utmost sinuosity and turbulence. It has been not only the most active and attractive market in the process of the transition of planning economy to market oriented economy in China; but also the main field of restructuring and refining state owned or controlled companies to establish modern company institutes. As Securities Market being the most concentrated place of every level of society, in where fortunes transit most quickly and monetary market and capital market intersect, the Securities Market has been highly concerned by every economic entity. This article from the internal fact