我国股市监管政策差异与股指波动因应

发布时间：2018-02-05 01:17

本文关键词： 上证综指时机选择政策意图　出处：《改革》2011年01期 　论文类型：期刊论文

【摘要】：将监管政策是否有效的期限划分为短、中、长期,选取了"维持股票市场稳定发展"、国有股减持、《国务院关于推进资本市场改革开放和稳定发展的若干意见》、完善新股发行制度、股权分置改革、"大小非"减持以及股指期货推出等政策,分析管理层颁布政策的意图与投资者如何理解相关政策,并结合股票指数的波动的研究表明:股票指数的波动与政策的意图存在一定的偏差,重要原因是相关监管政策颁布的时机选择存在问题。
[Abstract]:The period of whether the supervision policy is effective is divided into short, medium and long term, select "to maintain the stable development of the stock market", and reduce the holding of state-owned shares. "opinions of the State Council on promoting the Reform and opening up of the Capital Market and the steady Development of the Capital Market," the State Council has improved the new issue system, the reform of the split share structure, the reduction of "big and small" holdings, and the introduction of stock index futures. This paper analyzes the intention of the management to promulgate the policy and how the investors understand the relevant policy, and combines the research of the volatility of the stock index to show that there is a certain deviation between the volatility of the stock index and the intention of the policy. The important reason is that there are problems in the timing of relevant regulatory policies.
【作者单位】：对外经济贸易大学国际商学院;财政部财政科学研究所;
【基金】：国家社会科学基金项目“中国资本市场监管有效性研究——基于博弈论的视角”(批准号:05BJL028)
【分类号】：F832.51
【正文快照】： 我国股票市场作为整个经济体系的重要组成部分,在我国经济发展的过程起着越来越重要的作用。但长期以来,我国股票市场政策的制定和执行不及时,政策的本原功能或者被曲解,或者被缩小。有关政策被误读的现象较为严重,市场的反应与政策制定者的本意背道而驰,所制定的一些政策本

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