中国股票市场价格形成机制研究

发布时间：2018-01-23 14:38

本文关键词： 股票价格形成机制价格波动资本论　出处：《武汉工程大学》2013年硕士论文　论文类型：学位论文

【摘要】：马克思在《资本论》中阐述了虚拟资本的基本理论，从对以股票为代表的虚拟资本的运行特点分析中，提到股票的价格：“股票价格在很大程度上是由预期利润决定的，它通过股票供求在股票市场上反映出来”。股票市场行情中最活跃的部分是股票价格。很大程度上，股票价格的的稳定与否直接影响到股票市场中行情的稳定。同时，它又是最重要的股市信号和掌握股市资金流量方向与速度的操控杆。我国的股票市场要保持高效和稳定，就需要有一个完善的股票市场价格形成机制，这样，才会有公平合理的股票价格。所以，股票市场是否成熟的标志之一就是是否具有其完善的股票价格形成机制。由此，系统全面地分析股票市场的价格形成及机制，准确掌握股市价格的波动规律，改善影响股票价格的相关政策，对投资者理性判断，国家合理调控股市使股票市场合理发展都具有重要的理论与现实意义。论文以系统分析的角度出发，从宏观经济形势、宏观调控政策、上市公司绩效与行为和投资者与群体行为等方面系统分析了股票市场价格形成机制中存在的问题与原因。最后，对改善股票市场价格形成机制的相关问题给出政策性建议，希望政府改善自身在股票市场中的定位，消除群体性非理性行为，建立诚信市场完善投资者保护机制，并强化相关部门在制度上的配套改革，以求进一步完善我国股票市场价格形成机制，，保障中国股票市场健康、稳定发展。
[Abstract]:Marx explained the basic theory of fictitious capital in Capital, and analyzed the operation characteristic of fictitious capital represented by stock. When it comes to the price of stocks: "Stock prices are largely determined by expected profits, which are reflected in the stock market through the supply and demand of stocks." The most active part of the stock market is the stock price. To a large extent, the stability of the stock price directly affects the stability of the stock market. At the same time. It is also the most important signal of the stock market and a lever to master the direction and speed of the stock market flow. In order to maintain the efficiency and stability of the stock market in our country, we need a perfect stock market price formation mechanism. Therefore, one of the signs of the maturity of the stock market is whether it has its perfect stock price formation mechanism. Therefore, the paper systematically and comprehensively analyzes the price formation and mechanism of the stock market, accurately grasps the fluctuation law of the stock market price, improves the related policies that affect the stock price, and judges the investors rationally. The rational regulation of the stock market by the state has important theoretical and practical significance. This paper starts from the point of view of system analysis, from the macroeconomic situation, macro-control policy. This paper systematically analyzes the problems and causes in the stock market price formation mechanism from the aspects of performance and behavior of listed companies and investor and group behavior. Finally, to improve the stock market price formation mechanism of the relevant issues put forward policy recommendations, hoping that the government to improve its own position in the stock market, eliminate group irrational behavior. In order to further improve the price formation mechanism of China's stock market and ensure the healthy and stable development of China's stock market, we should set up a credit market to perfect the investor protection mechanism and strengthen the institutional reform of the relevant departments in order to further improve the price formation mechanism of our country's stock market.
【学位授予单位】：武汉工程大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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