中国股市泡沫的成因与对策

发布时间：2018-01-03 05:25

本文关键词：中国股市泡沫的成因与对策　出处：《审计与经济研究》2017年05期 　论文类型：期刊论文

【摘要】：泡沫属股市常态,但与境外成熟市场不同的是,中国股市泡沫呈现出结构性尤其制度性泡沫的特征。造成中国股市泡沫的因素是错综复杂的,但这些因素在不同时期的重要性显著不同,其中不变的和决定性的因素是制度,尤其退市制度以及与之紧密相关的监管制度和地方政府过度保护行为,这是绩差股成为狂热投机对象和泡沫膨胀的根源。因此,治本之策不是大幅增加股票供给,也不是推出注册制和做空机制,更不是让股市暴跌,而是厉行退市,这是中国股市走向规范成熟的关键。但退市是利益关系的重大调整,需要决策部门和监管部门拿出智慧、决断和勇气。
[Abstract]:Bubble is the normal state of stock market, but different from overseas mature market, Chinese stock market bubble presents the characteristics of structural, especially institutional bubble. The factors causing the bubble are complicated. However, the importance of these factors in different periods is significantly different, among which the constant and decisive factors are the system, especially the delisting system, and the closely related regulatory system and local government over-protection behavior. This is the root of the rampant speculation and bubble inflation. Therefore, the solution is not to substantially increase the supply of stocks, nor to introduce registration and shorting mechanisms, nor to let the stock market plummet, but to force delisting. This is the key to the maturity of China's stock market, but delisting is a major adjustment of interest relationships that requires wisdom, determination and courage from policy makers and regulators.
【作者单位】：山东财经大学经济学院;
【分类号】：F832.51
【正文快照】： 股市泡沫是资产价格泡沫的一个重要组成部分,是指股票价格高于其内在价值的现象。股市泡沫通常被分为理性泡沫与非理性泡沫,前者是指股价包含着理性泡沫的成分,即基于理性预期和理性行为的泡沫,后者是指由投资者非理性行为如过度投机、过度自信所导致的泡沫。有人将泡沫分为常

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