金砖国家股票市场成长性比较研究

发布时间：2018-04-11 17:44

本文选题：股票市场成长性 + 市场融资　；参考：《山东财经大学》2013年硕士论文

【摘要】：资本是金融市场发展的动力和源泉，证券市场又是资本市场最重要的组成部分。证券市场的繁荣奠定了一国资本市场的持续稳定。本文在借鉴了管理学中讨论“企业核心竞争力”的方法基础上，，创新的提出建立国家股票市场成长性的核心研究指标这一概念，并以经济发展飞速前进中的新兴国家代表“金砖五国”为研究对象，研究金砖国家股票市场成长性之间的比较。著名的投行经济学家在2001年将中国、印度、俄罗斯和巴西四国作为新兴国家飞速发展的代表，以整体存在的形式将其共同成为“金砖四国”，之后的2011年，南非作为对四国的扩员，也正式成为金砖国家之一，“金砖四国”正式成为全面的“金砖国家”。由于金砖国家经济总量正在迅速增长并直接影响美国等发达国家，因此研究金砖国家具有十分重要的现实意义。本文在考量股票市场成长性指标的过程中，结合金砖五国各自发展中的优势，提出将股票市场工具、股票市场融资效率、股票市场有效性和股票市场监管四部分作为研究金砖国家股票市场成长性的核心指标。本文共分为六章内容。文章开始先对金砖国家进行总体描述，在此基础上分析并总结了研究股票市场成长性指标的国内外文献，对文献的不足之处进行思考；然后文章以金砖国家股票市场的市场工具和规模为研究背景，分别以构建市场融资效率DEA模型讨论金砖国家股票市场融资效率，以构建市场有效性ARCH模型讨论金砖国家股票市场有效性，以比较分析法讨论金砖国家股票市场监管效率，最后在总结四个研究结果之后，对提高我国股票市场成长性提出政策建议。
[Abstract]:Capital is the motive force and source of financial market development, and securities market is the most important part of capital market.The prosperity of the securities market has laid the foundation for the sustained stability of a country's capital market.Based on the discussion of "core competence of enterprises" in management, this paper puts forward the concept of establishing the core research index of the growth of national stock market.Taking the BRICS as the representative of the emerging countries with rapid economic development, this paper studies the comparison between the BRICS stock market growth and the BRICS stock market growth.Leading investment banking economists took China, India, Russia and Brazil as representatives of the rapid growth of emerging countries in 2001 and collectively called them "BRIC" countries in the form of a holistic presence, followed by 2011.South Africa, as an expansion of the four countries, also officially became one of the BRICS countries, and the BRICs formally became the overall BRICS countries.Because the economic volume of BRICS countries is growing rapidly and has a direct impact on developed countries such as the United States, it is of great practical significance to study BRICS countries.In the process of considering the growth indicators of the stock market, this paper, in combination with the advantages of the BRICS countries in their respective development, proposes that the stock market instruments and the financing efficiency of the stock market should be taken into account.Stock market efficiency and stock market regulation are the core indicators of BRICS stock market growth.This paper is divided into six chapters.The article begins with a general description of the BRICS countries, and then analyzes and summarizes the domestic and foreign literature on the growth indicators of the stock market, and thinks about the shortcomings of the literature.Then, based on the market tools and scale of the BRICS stock market, the paper discusses the BRICS stock market financing efficiency by constructing the market financing efficiency DEA model, respectively.This paper discusses the efficiency of BRICS stock market by constructing market efficiency ARCH model, and discusses the regulatory efficiency of BRICS stock market by comparative analysis. Finally, after summarizing the four research results,To improve the growth of China's stock market put forward policy recommendations.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.51

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