發(fā)布時間：2018-05-15 07:42

  本文選題：泡沫 + 做空機制�。� 參考：《復旦大學》2012年碩士論文

【摘要】：泡沫的形成和發(fā)展一直是困擾著經(jīng)濟學界的難題,從歷史上的荷蘭郁金香泡沫一直到上世紀末期的日本房地產(chǎn)泡沫,以及本世紀初的網(wǎng)絡泡沫和最近的美國房地產(chǎn)泡沫,都吸引了大量學者對此進行研究。雖然,杰出的經(jīng)濟學家們相繼提出了理性泡沫理論,博彩行為理論以及博傻理論來解釋泡沫現(xiàn)象。但是,近幾十年來先后出現(xiàn)的泡沫表明人們對泡沫形成的內(nèi)在因素和抑制泡沫的措施依舊缺乏清醒的認識。 2005年8月22日隨著寶鋼權(quán)證的上市,中國權(quán)證市場在闊別9年之后重新登上歷史舞臺,然而,權(quán)證在發(fā)展之初便飽受爭議,有關(guān)權(quán)證市場泡沫嚴重,投資者缺乏理性的聲音不絕于耳。本文以我國權(quán)證市場為研究對象,研究發(fā)現(xiàn)我國權(quán)證市場普遍存在著泡沫,通過比較上海證券交易所上市權(quán)證和深圳證券交易所上市權(quán)證的泡沫發(fā)生的頻率和程度,本文發(fā)現(xiàn)存在類似做空機制的上海證交所上市權(quán)證的泡沫發(fā)生的頻率和程度,都顯著低于不存在類似機制的深圳證券交易所。本文的研究結(jié)論為實驗室研究發(fā)現(xiàn)的做空可以消除泡沫的結(jié)論提供了強有力的現(xiàn)實證據(jù)。 最后,依據(jù)對我國權(quán)證市場的研究結(jié)論,本文為我國進一步發(fā)展資本市場提供了相關(guān)建議。
[Abstract]:The formation and development of the bubble has been a difficult problem for the economic circles. From the Dutch tulip bubble in history to the Japanese real estate bubble in the late last century, and the dotcom bubble at the beginning of this century and the recent American real estate bubble, Have attracted a large number of scholars to study this. Although, outstanding economists have put forward rational bubble theory, gambling behavior theory and Boxer theory to explain bubble phenomenon. However, the emergence of bubbles in recent decades shows that people still lack a clear understanding of the internal factors of bubble formation and the measures to restrain bubbles. With the listing of warrants in Baosteel on August 22, 2005, the Chinese warrants market re-entered the historical stage after nine years' absence. However, warrants were controversial at the beginning of their development, and the relevant warrants market frothy seriously. Investors' irrational voices are heard all the time. This paper takes the warrants market of our country as the research object, and finds that there is a general bubble in the warrants market of our country. By comparing the frequency and degree of the bubbles in the Shanghai Stock Exchange and the Shenzhen Stock Exchange, In this paper, we find that the frequency and degree of bubble occurrence in Shanghai Stock Exchange with similar shorting mechanism are significantly lower than those in Shenzhen Stock Exchange without similar mechanism. The conclusions of this paper provide strong practical evidence for the conclusion that short selling can eliminate foam. Finally, according to the conclusion of the research on China's warrant market, this paper provides relevant suggestions for further development of the capital market in China.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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本文編號：1891588