本文關(guān)鍵詞：中國(guó)證券市場(chǎng)泡沫問(wèn)題研究　出處：《湖南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券市場(chǎng)泡沫 資產(chǎn)價(jià)格 進(jìn)化博弈

【摘要】：金融資產(chǎn)是泡沫經(jīng)濟(jì)的主要載體之一,證券市場(chǎng)泡沫是誘發(fā)泡沫經(jīng)濟(jì)的重要因素,不斷膨脹的證券市場(chǎng)泡沫是出現(xiàn)泡沫經(jīng)濟(jì)的先兆。因而分析證券市場(chǎng)泡沫的成因以及動(dòng)態(tài)演化過(guò)程,研究證券市場(chǎng)泡沫對(duì)經(jīng)濟(jì)的影響,對(duì)防范和化解金融危機(jī),維護(hù)金融安全,保持證券市場(chǎng)和經(jīng)濟(jì)的健康發(fā)展都有著十分重要的意義。 縱觀世界經(jīng)濟(jì)史,資產(chǎn)價(jià)格泡沫現(xiàn)象經(jīng)常發(fā)生,并且每一次泡沫過(guò)后,無(wú)一例外地都給各國(guó)經(jīng)濟(jì)以沉重的打擊。各國(guó)的政府和金融監(jiān)管機(jī)構(gòu)都嘗試對(duì)其性質(zhì)、發(fā)展規(guī)律以及防治措施進(jìn)行深入細(xì)致的研究。中國(guó)證券市場(chǎng)自產(chǎn)生以來(lái)便倍受質(zhì)疑,股權(quán)分置、制度缺陷、股權(quán)多樣化(A股、B股、H股、法人股、國(guó)有法人股、流通股、轉(zhuǎn)配股)、監(jiān)管不到位、內(nèi)部控制等問(wèn)題嚴(yán)重地制約了我國(guó)證券市場(chǎng)的健康發(fā)展,同時(shí)也扭曲了證券市場(chǎng)資源配置功能。 基于此,本文著力研究證券市場(chǎng)的泡沫問(wèn)題,從考察泡沫的基本特性入手,深入全面地研究泡沫的形成機(jī)理、檢驗(yàn)與測(cè)度方法,中國(guó)證券市場(chǎng)的自身特征,以及預(yù)防和對(duì)策等問(wèn)題。本文首先從研究證券市場(chǎng)泡沫的基本特征入手,著重分析證券市場(chǎng)泡沫的形成和運(yùn)行系統(tǒng),從進(jìn)化博弈的角度挖掘泡沫現(xiàn)象的形成機(jī)理,從而揭示出金融資產(chǎn)價(jià)格泡沫的模式是一個(gè)動(dòng)態(tài)的復(fù)雜性過(guò)程,并提出一個(gè)全新的信息動(dòng)態(tài)循環(huán)系統(tǒng)下的投資者進(jìn)化博弈的泡沫形成過(guò)程,歸納出中國(guó)證券市場(chǎng)泡沫的形成機(jī)理；其次,對(duì)證券市場(chǎng)資產(chǎn)泡沫的直接和間接檢驗(yàn)方法進(jìn)行比較和評(píng)價(jià),從資本市場(chǎng)的不同金融資產(chǎn)角度,分別評(píng)論了固定收益證券、股票資產(chǎn)、證券投資基金和金融衍生工具的泡沫測(cè)度模型；針對(duì)中國(guó)的A股市場(chǎng),分別從市場(chǎng)角度、行業(yè)角度以及宏觀經(jīng)濟(jì)變量角度,對(duì)各年度泡沫度進(jìn)行實(shí)證檢驗(yàn)和比較分析；最后,提出了諸如將資產(chǎn)價(jià)格作為宏觀經(jīng)濟(jì)政策調(diào)控目標(biāo)、加強(qiáng)防范和控制我國(guó)證券市場(chǎng)泡沫的制度建設(shè)、重點(diǎn)規(guī)范與監(jiān)管上市公司行為等建議作為我國(guó)證券市場(chǎng)泡沫的治理對(duì)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.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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