我国A股市场异常波动的成因及风险防范
发布时间：2018-07-31 18:22
【摘要】：2015年,我国A股市场出现了明显的异常波动现象,先是快速上涨,继而却急速下跌。本文从金融业发展、居民消费、企业融资等角度,分析股市异常波动影响经济金融运行的机理,论述了A股剧烈波动的主要原因在于股票市场价格严重偏离实际价值、机构投资者有待培育、市场退出机制不健全、投资者保护机制缺乏以及证券业监管有效性不足。本文认为,为有效防控我国股票市场异常波动风险,应当促进股票合理估值,培育专业投资机构,健全上市公司退市机制,完善投资者权益保护体系,建立股票市场异常波动应急机制。
[Abstract]:In 2015, the A-share market of our country appeared the obvious abnormal fluctuation phenomenon, first rose quickly, then fell rapidly. From the angles of financial industry development, resident consumption and enterprise financing, this paper analyzes the mechanism that the abnormal fluctuation of stock market affects the operation of economy and finance, and discusses that the main reason for the sharp fluctuation of A share is that the stock market price deviates from the actual value seriously. Institutional investors need to be cultivated, market withdrawal mechanism is not perfect, investor protection mechanism is lacking and securities industry supervision is not effective enough. This paper holds that in order to prevent and control the risk of abnormal fluctuations in China's stock market effectively, we should promote the reasonable valuation of stocks, foster professional investment institutions, improve the delisting mechanism of listed companies, and improve the protection system of investors' rights and interests. To establish an emergency mechanism for abnormal volatility in the stock market.
【作者单位】： 辽宁大学经济学院;香港大学经济学院;
【分类号】：F832.51
[Abstract]:In 2015, the A-share market of our country appeared the obvious abnormal fluctuation phenomenon, first rose quickly, then fell rapidly. From the angles of financial industry development, resident consumption and enterprise financing, this paper analyzes the mechanism that the abnormal fluctuation of stock market affects the operation of economy and finance, and discusses that the main reason for the sharp fluctuation of A share is that the stock market price deviates from the actual value seriously. Institutional investors need to be cultivated, market withdrawal mechanism is not perfect, investor protection mechanism is lacking and securities industry supervision is not effective enough. This paper holds that in order to prevent and control the risk of abnormal fluctuations in China's stock market effectively, we should promote the reasonable valuation of stocks, foster professional investment institutions, improve the delisting mechanism of listed companies, and improve the protection system of investors' rights and interests. To establish an emergency mechanism for abnormal volatility in the stock market.
【作者单位】： 辽宁大学经济学院;香港大学经济学院;
【分类号】：F832.51
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