我国股市操纵行为分析及防范机制

发布时间：2018-05-09 03:01

本文选题：股价操纵 + 特征　；参考：《南京财经大学》2013年硕士论文

【摘要】：操纵股价是一种违法违规行为，它扭曲了股票价格对股票实际价值的反映，使得价格发现机制的作用大大弱化，既严重干扰股票市场的正常运行机制，也制约了竞争市场基本功能的发挥，使得市场资源不能实现最优化的配置，运行效率降低，市场波动加大，削弱了股票市场上投资者的信心，在遇到极端情况时还会导致股票市场的崩溃。我国资本市场虽然经历了多年的坎坷发展，但仍然属于新兴资本市场，很多功能尚不完善，而股票市场作为资本市场的窗口，其是否健康发展更是关系到国民经济能否持续稳定前进的大计。股市的健康发展也关系着企业融资的有效性，决定着资金是否能够合理配置到优质企业中，让好的企业做强做大，不好的企业不能把股市当成资金的圈钱机。本文主要分析了股票市场上的操纵行为，，并从监管机构、投资者、上市公司等方面提出了防范措施。文章首先从投资者、监管部门、上市公司、制度体制四个角度论述了股价操纵存在的原因，进行了监管和操纵的博弈过程分析和均衡分析；其次讨论了股价操纵行为的特征，着重对主要操纵方式的三个过程中不同指标对操纵行为的反应程度做了分析，同时也总结了其他超短线操纵方式不同于主要操纵方式的特点；然后在特征分析的基础上，选取较为敏感的指标建立股价操纵的甄别模型，实证结果显示模型可以较好的鉴别市场上的操纵行为；最后提出了股票市场操纵行为的防范措施，通过监管与操纵的博弈均衡分析，得出应该从降低监管成本、增加监管失职负效应等方面改进监管机制，根据股价操纵的甄别模型，提出应该建立风险监控体系，实时监控市场异象，对指标值超出正常范围的个股进行重点监控，同时还要从投资者教育、上市公司行为规范、机构投资者培育等多方面同时着手。
[Abstract]:The manipulation of stock price is an illegal and illegal act, which distorts the reflection of stock price on the actual value of stock, weakens the function of price discovery mechanism, and seriously interferes with the normal operation mechanism of stock market. It also restricts the exertion of the basic function of the competitive market, makes the market resources unable to achieve the optimal allocation, reduces the running efficiency, increases the market fluctuation, and weakens the confidence of the investors in the stock market. In extreme circumstances, it can also lead to the collapse of the stock market. Although our country's capital market has experienced many years of rough development, it still belongs to the emerging capital market, and many functions are not perfect, and the stock market is the window of the capital market. Its healthy development is related to the national economy can continue to progress steadily. The healthy development of stock market is also related to the validity of enterprise financing, which determines whether the capital can be allocated to the high quality enterprises, and to make the good enterprises bigger and stronger, and the bad enterprises can not regard the stock market as the circle money machine of the capital. This paper mainly analyzes the manipulation in the stock market, and puts forward the preventive measures from the aspects of the supervision institution, the investor, the listed company and so on. Firstly, this paper discusses the reasons of stock price manipulation from four angles: investor, regulatory department, listed company, system system, analyzes the game process and equilibrium of supervision and manipulation, and then discusses the characteristics of stock price manipulation. This paper mainly analyzes the reaction degree of different indexes to manipulation behavior in the three processes of main manipulation mode, and summarizes the characteristics of other ultra-short line manipulating modes which are different from main manipulating modes, and then on the basis of characteristic analysis, Select more sensitive indicators to establish stock price manipulation screening model, empirical results show that the model can better identify the manipulation behavior in the market. Finally, the paper puts forward the preventive measures of stock market manipulation behavior. Through the game equilibrium analysis of supervision and manipulation, it is concluded that the supervision mechanism should be improved from the aspects of reducing the supervision cost and increasing the negative effect of supervision dereliction. According to the screening model of stock price manipulation, the risk monitoring system should be established. Monitoring the market anomalies in real time, focusing on the individual stocks whose index value exceeds the normal range, and at the same time starting from many aspects such as investor education, behavior standard of listed companies, institutional investor cultivation and so on.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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