中国股票市场主要参与者行为特征研究

发布时间：2018-01-11 12:29

本文关键词：中国股票市场主要参与者行为特征研究　出处：《武汉大学》2013年博士论文　论文类型：学位论文

【摘要】：中国股票市场成立于我国由计划经济向市场经济转轨时期,三十多年来,我国股票市场发展迅速,在短短时期内快速发展为世界上第三大股票市场。当前我国股票市场的总体状况是大而不强,尽管市场规模处于世界前列,但是,股票市场运行效率总体低下。我国股票市场运行效率低下的原因主要是由于我国股票市场运行机制存在缺陷,股票市场运行存在着来自于股票市场内部和外部的各种约束,市场机制难以充分发挥作用。影响股票市场正常运转的内部约束主要是指维系股票市场正常运转所需的各种规则、制度存在缺失或者不够健全,外部约束则主要是指政府的过度行政干预、法律法规不健全、社会诚信体系欠缺等方面。运行机制由市场上的相关参与者行为共同决定,研究运行机制离不开对决定运行机制的参与人行为特征的分析。本文从研究我国股票市场参与者行为特征的角度,运用博弈论方法,通过研究股票市场上各参与者行为特征的历史沿革和现实表现、我国股票市场参与者与理想股票市场相应参与者行为特征之间存在的差异、以及我国股票市场上各参与者行为之间的相互影响,深入揭示我国股票市场运行机制中存在的问题,探寻我国股票市场运行效率低下的根源,进而提出改进我国股票市场运行效率的政策建议。本文分析了我国股票市场上三个主要参与者(上市公司、投资者和政府)的行为特征及其历史沿革,在深入分析各参与者行为特征的基础上,通过建立博弈模型,对各参与者之间的相互作用方式进行了分析,探寻隐藏在我国股票市场主要参与者表面行为下的内在作用机理,在对作用机理进行分析的基础上,结合我国实际情况,对我国股票市场总体运行状况进行了评价。通过研究本文发现,造成我国股票市场效率低下的原因,既有政府行为变异的影响,也有投资者和上市公司参与股票市场非理性化行为的影响,这三个方面交互影响、相互作用,共同使得我国股票市场运行效率低下。我国股票市场并不存在独特特征,其运行与世界上其它国家股票市场之间并非存在根本不同。我国股票市场之所以存在一些与发达国家股票市场不同的表现,主要原因在于同发达国家股票市场相比,我国股票市场上上市公司、投资者和政府行为存在变异,这些变异使得我国股票市场运行机制难以健全,对我国股票市场正常运转带来严重的制约。这些制约因素或者产生于股票市场内部,或者由外部强加给股票市场,它们犹如落入运转中齿轮间的沙子、或者是捆绑于巨人身上的绳索,严重束缚着我国股票市场正常运转,对我国股票市场运行效率发挥着重大的不利影响。
[Abstract]:China ' s stock market is set up in our country from the planned economy to the market economy transition period . Over the past 30 years , our stock market has been developing rapidly . In the short period , China ' s stock market has developed rapidly into the third largest stock market in the world . The overall situation of the stock market in China is large and weak , although the market size is at the forefront of the world , but the market operation efficiency is generally low . The low efficiency of stock market in China is mainly due to the defects of the operation mechanism of stock market in China , and the market mechanism is difficult to play the role in the stock market operation . The internal restriction that affects the normal operation of the stock market mainly refers to the various rules and regulations necessary for the normal operation of the stock market , and the external constraint mainly refers to the excessive administrative intervention of the government , the imperfect laws and regulations , the lack of social integrity system , etc . The operational mechanism is determined by the behaviors of relevant actors in the market . The research operation mechanism is inseparable from the analysis of the participants ' behavior characteristics of the decision operation mechanism . In this paper , based on the study of the historical evolution and the reality of the behavior characteristics of the participants in the stock market , the paper probes into the problems existing in the operation mechanism of the stock market in our country and explores the causes of the low running efficiency of the stock market in our country , and then puts forward the policy suggestion to improve the operation efficiency of the stock market in China . This paper analyzes the behavioral characteristics and historical evolution of three main players ( listed companies , investors and governments ) on the stock market of our country . On the basis of deeply analyzing the behavior characteristics of each participant , this paper analyzes the interaction modes among the participants by establishing a game model , and explores the intrinsic mechanism of the hidden in the surface behavior of the main players in the stock market in China . On the basis of the analysis of the mechanism of action , the overall operating conditions of the stock market in China are evaluated in combination with the actual situation in China . Through studying this paper , we find that the reason of the low efficiency of our stock market is the influence of the government ' s behavior variation and the influence of investors and listed companies in the irrational behavior of the stock market , which has influenced and interacts with each other , so that the running efficiency of the stock market in our country is low . The stock market of our country does not have unique characteristics , its operation is not fundamentally different from the stock market in other countries in the world .

【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51

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