中国股市波动的影响因素分析——基于投资者保护视角

发布时间：2018-03-17 19:01

本文选题：投资者法律保护　切入点：股市波动　出处：《宏观经济研究》2017年06期 　论文类型：期刊论文

【摘要】：本文从投资者保护视角研究我国股市波动的影响因素,通过构建投资者法律保护综合指数对沪深股市的数据进行实证检验。本文发现:投资者保护综合指数不仅在短期内对股指的正向冲击效果明显,而且这种影响具有长期持续性;股改限售股解禁具有明显的供给冲击的特性,对股指形成显著的负向冲击;中国股市对利率的变化还不敏感,这也在一定程度上反映了中国利率市场化尚未完成的现实;同时,中国股市并不具备经济的"晴雨表"功能。本文的研究结果表明,坚持依法治国,加快投资者保护法律法规建设的步伐,对推动沪深股市的上涨、促进资本市场的健康发展意义重大。
[Abstract]:This paper studies the influencing factors of stock market fluctuation in China from the perspective of investor protection. By constructing the comprehensive index of investor legal protection, this paper makes an empirical test on the data of Shanghai and Shenzhen stock markets. This paper finds that the impact of investor protection composite index on stock index is not only obvious in the short term, but also has long-term sustainability. The lifting of the ban on the restricted sale of shares in stock reform has the characteristics of a marked supply shock and a marked negative impact on the stock index; the Chinese stock market is not yet sensitive to the changes in interest rates, which to some extent reflects the fact that the marketization of interest rates in China has not yet been completed; at the same time, China's stock market does not have the "barometer" function of the economy. The research results of this paper show that adhering to the rule of law and speeding up the construction of investor protection laws and regulations will promote the rise of the Shanghai and Shenzhen stock markets. It is of great significance to promote the healthy development of the capital market.
【作者单位】：厦门大学经济学院;
【基金】：国家社科基金项目“经济持续增长进程中的通货膨胀控制:量化宽松、最优通胀率和宏观审慎政策研究”(项目批准号:13BJY169)的资助
【分类号】：F832.51

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