本文關(guān)鍵詞：中國股票市場主要參與者行為特征研究　出處：《武漢大學(xué)》2013年博士論文　論文類型：學(xué)位論文

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【摘要】：中國股票市場成立于我國由計劃經(jīng)濟(jì)向市場經(jīng)濟(jì)轉(zhuǎn)軌時期,三十多年來,我國股票市場發(fā)展迅速,在短短時期內(nèi)快速發(fā)展為世界上第三大股票市場。當(dāng)前我國股票市場的總體狀況是大而不強,盡管市場規(guī)模處于世界前列,但是,股票市場運行效率總體低下。 我國股票市場運行效率低下的原因主要是由于我國股票市場運行機制存在缺陷,股票市場運行存在著來自于股票市場內(nèi)部和外部的各種約束,市場機制難以充分發(fā)揮作用。影響股票市場正常運轉(zhuǎn)的內(nèi)部約束主要是指維系股票市場正常運轉(zhuǎn)所需的各種規(guī)則、制度存在缺失或者不夠健全,外部約束則主要是指政府的過度行政干預(yù)、法律法規(guī)不健全、社會誠信體系欠缺等方面。 運行機制由市場上的相關(guān)參與者行為共同決定,研究運行機制離不開對決定運行機制的參與人行為特征的分析。本文從研究我國股票市場參與者行為特征的角度,運用博弈論方法,通過研究股票市場上各參與者行為特征的歷史沿革和現(xiàn)實表現(xiàn)、我國股票市場參與者與理想股票市場相應(yīng)參與者行為特征之間存在的差異、以及我國股票市場上各參與者行為之間的相互影響,深入揭示我國股票市場運行機制中存在的問題,探尋我國股票市場運行效率低下的根源,進(jìn)而提出改進(jìn)我國股票市場運行效率的政策建議。 本文分析了我國股票市場上三個主要參與者(上市公司、投資者和政府)的行為特征及其歷史沿革,在深入分析各參與者行為特征的基礎(chǔ)上,通過建立博弈模型,對各參與者之間的相互作用方式進(jìn)行了分析,探尋隱藏在我國股票市場主要參與者表面行為下的內(nèi)在作用機理,在對作用機理進(jìn)行分析的基礎(chǔ)上,結(jié)合我國實際情況,對我國股票市場總體運行狀況進(jìn)行了評價。 通過研究本文發(fā)現(xiàn),造成我國股票市場效率低下的原因,既有政府行為變異的影響,也有投資者和上市公司參與股票市場非理性化行為的影響,這三個方面交互影響、相互作用,共同使得我國股票市場運行效率低下。 我國股票市場并不存在獨特特征,其運行與世界上其它國家股票市場之間并非存在根本不同。我國股票市場之所以存在一些與發(fā)達(dá)國家股票市場不同的表現(xiàn),主要原因在于同發(fā)達(dá)國家股票市場相比,我國股票市場上上市公司、投資者和政府行為存在變異,這些變異使得我國股票市場運行機制難以健全,對我國股票市場正常運轉(zhuǎn)帶來嚴(yán)重的制約。這些制約因素或者產(chǎn)生于股票市場內(nèi)部,或者由外部強加給股票市場,它們猶如落入運轉(zhuǎn)中齒輪間的沙子、或者是捆綁于巨人身上的繩索,嚴(yán)重束縛著我國股票市場正常運轉(zhuǎn),對我國股票市場運行效率發(fā)揮著重大的不利影響。
[Abstract]:China ' s stock market is set up in our country from the planned economy to the market economy transition period . Over the past 30 years , our stock market has been developing rapidly . In the short period , China ' s stock market has developed rapidly into the third largest stock market in the world . The overall situation of the stock market in China is large and weak , although the market size is at the forefront of the world , but the market operation efficiency is generally low . The low efficiency of stock market in China is mainly due to the defects of the operation mechanism of stock market in China , and the market mechanism is difficult to play the role in the stock market operation . The internal restriction that affects the normal operation of the stock market mainly refers to the various rules and regulations necessary for the normal operation of the stock market , and the external constraint mainly refers to the excessive administrative intervention of the government , the imperfect laws and regulations , the lack of social integrity system , etc . The operational mechanism is determined by the behaviors of relevant actors in the market . The research operation mechanism is inseparable from the analysis of the participants ' behavior characteristics of the decision operation mechanism . In this paper , based on the study of the historical evolution and the reality of the behavior characteristics of the participants in the stock market , the paper probes into the problems existing in the operation mechanism of the stock market in our country and explores the causes of the low running efficiency of the stock market in our country , and then puts forward the policy suggestion to improve the operation efficiency of the stock market in China . This paper analyzes the behavioral characteristics and historical evolution of three main players ( listed companies , investors and governments ) on the stock market of our country . On the basis of deeply analyzing the behavior characteristics of each participant , this paper analyzes the interaction modes among the participants by establishing a game model , and explores the intrinsic mechanism of the hidden in the surface behavior of the main players in the stock market in China . On the basis of the analysis of the mechanism of action , the overall operating conditions of the stock market in China are evaluated in combination with the actual situation in China . Through studying this paper , we find that the reason of the low efficiency of our stock market is the influence of the government ' s behavior variation and the influence of investors and listed companies in the irrational behavior of the stock market , which has influenced and interacts with each other , so that the running efficiency of the stock market in our country is low . The stock market of our country does not have unique characteristics , its operation is not fundamentally different from the stock market in other countries in the world .

【學(xué)位授予單位】：武漢大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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