中国证券市场泡沫问题研究

发布时间：2018-01-07 14:01

本文关键词：中国证券市场泡沫问题研究　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：金融资产是泡沫经济的主要载体之一,证券市场泡沫是诱发泡沫经济的重要因素,不断膨胀的证券市场泡沫是出现泡沫经济的先兆。因而分析证券市场泡沫的成因以及动态演化过程,研究证券市场泡沫对经济的影响,对防范和化解金融危机,维护金融安全,保持证券市场和经济的健康发展都有着十分重要的意义。纵观世界经济史,资产价格泡沫现象经常发生,并且每一次泡沫过后,无一例外地都给各国经济以沉重的打击。各国的政府和金融监管机构都尝试对其性质、发展规律以及防治措施进行深入细致的研究。中国证券市场自产生以来便倍受质疑,股权分置、制度缺陷、股权多样化(A股、B股、H股、法人股、国有法人股、流通股、转配股)、监管不到位、内部控制等问题严重地制约了我国证券市场的健康发展,同时也扭曲了证券市场资源配置功能。基于此,本文着力研究证券市场的泡沫问题,从考察泡沫的基本特性入手,深入全面地研究泡沫的形成机理、检验与测度方法,中国证券市场的自身特征,以及预防和对策等问题。本文首先从研究证券市场泡沫的基本特征入手,着重分析证券市场泡沫的形成和运行系统,从进化博弈的角度挖掘泡沫现象的形成机理,从而揭示出金融资产价格泡沫的模式是一个动态的复杂性过程,并提出一个全新的信息动态循环系统下的投资者进化博弈的泡沫形成过程,归纳出中国证券市场泡沫的形成机理；其次,对证券市场资产泡沫的直接和间接检验方法进行比较和评价,从资本市场的不同金融资产角度,分别评论了固定收益证券、股票资产、证券投资基金和金融衍生工具的泡沫测度模型；针对中国的A股市场,分别从市场角度、行业角度以及宏观经济变量角度,对各年度泡沫度进行实证检验和比较分析；最后,提出了诸如将资产价格作为宏观经济政策调控目标、加强防范和控制我国证券市场泡沫的制度建设、重点规范与监管上市公司行为等建议作为我国证券市场泡沫的治理对策。
[Abstract]:Financial assets is one of the main carriers of bubble economy, and securities market bubble is an important factor to induce bubble economy. The ever-expanding bubble of the securities market is the precursor to the emergence of the bubble economy. Therefore, this paper analyzes the causes and dynamic evolution of the bubble in the securities market, studies the impact of the bubble on the economy, and prevents and resolves the financial crisis. It is of great significance to maintain financial security and maintain the healthy development of securities market and economy. Throughout the world economic history, asset price bubbles often occur, and after each bubble, without exception, all countries' economies are hit hard. Governments and financial regulators of various countries are trying to its nature. Since the emergence of the Chinese securities market has been questioned, equity separation, institutional defects, equity diversification (A shares, B shares, H shares, corporate shares). The problems of state-owned legal personnel shares, circulating shares, transferring shares, inadequate supervision and internal control have seriously restricted the healthy development of China's securities market and distorted the function of resource allocation in the securities market. Based on this, this paper focuses on the bubble of the securities market, starting with the basic characteristics of the bubble, in-depth and comprehensive study of the formation mechanism of the bubble, testing and measurement methods, the characteristics of the Chinese securities market itself. This paper begins with the study of the basic characteristics of the securities market bubble, focusing on the formation and operation system of the securities market bubble. The formation mechanism of bubble phenomenon is excavated from the angle of evolutionary game, which reveals that the model of financial asset price bubble is a dynamic and complex process. And put forward a new information dynamic circulation system under the investor evolution game bubble formation process, summed up the formation mechanism of China's securities market bubble; Secondly, the paper compares and evaluates the direct and indirect test methods of asset bubble in securities market, and comments on fixed income securities and stock assets from different financial asset points of view of capital market. The bubble measurement model of securities investment funds and financial derivatives; Aiming at the A-share market of China, this paper makes an empirical test and comparative analysis on the bubble degree of each year from the market angle, the industry angle and the macroeconomic variable angle. Finally, the paper puts forward such as taking asset price as the target of macro-economic policy regulation and strengthening the system construction of preventing and controlling the bubble of China's securities market. Some suggestions such as standardizing and supervising the behavior of listed companies should be taken as the countermeasures to deal with the bubble in China's securities market.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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