政策性因素對(duì)中國(guó)股價(jià)波動(dòng)的影響研究.pdf

1、湘潭大學(xué)碩士學(xué)位論文政策性因素對(duì)中國(guó)股價(jià)波動(dòng)的影響研究姓名：肖瓏申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：政治經(jīng)濟(jì)學(xué)指導(dǎo)教師：楚爾鳴20060510Abstract Theoretically, stock price which is the same as the commodity price is determined by the relationship of supply and demand in the stock market. B

2、ut in fact, many factors determine the fluctuations of stock price, which are involved not only in the macroeconomic factors such as economic cycles, interest rate, income level, price level, international payments, e

3、tc., but also in the microeconomic factors, for example, the level of product technology, management, performance in the listed company, industry, etc., in addition to some non-economic factors such as policy intervent

4、ion factors, market technical factors, social and psychological factors and so on. Through the four mechanisms of exterior impact, internal occurrence, self-realization and inner transmitting, these factors have the i

5、mportant influence to the fluctuations of stock price. The price fluctuation in Chinese stock market, in addition to common characteristics in general stock market, manifests some unique irrational features: large pr

6、ice fluctuations, high vibration frequency, etc. Its important reason is explained by “policy-driven”. In order to study the relation between policy and stock market, we divide the policy into two types of continuous a

7、nd discontinuous (separated) policy and then do the econometric analyses. According to its result, we may know that there is the positive correlation between the stock price and the continuous policy, but the explanat

8、ion degree is extremely low. The changes of stock price is easily influenced by the short-term policy event and the short-term separated policy plays a very important role for the fluctuations of stock price; From clas

9、sified events to the influence of stock market: (1) The administrative Acts through the government’s issuing policy cause the market response intensely and the policy affects are effectively, but our administrative Ac

10、ts appears irrationality and the stock market has been disturbed; (2) The average income fluctuation rate and important event rate are all high, So we can see that our stock market has extremely the policy consciousnes

11、s; (3) The introduction and implementation of laws have the smallest impact on the market, which reflects the stable and prudent legal system to a certain extent. In a word, state policies are so important that they l

12、ead to stock price fluctuating and largely control the trend of price afterward in Chinese stock market. Nevertheless, the effect of policy to stock market is weak as a whole. Based on the policy Factors to Chinese s

13、tock price fluctuations, the paper which uses the knowledge of the contract theory and the institutional economics draws a conclusion that the financing institutional arrangement in Chinese financial market with insti

14、tutional limitation of Chinese stock market leads to the conflict between inherent law of the market and external shocks of the government's recessive--warranted contract which is an important reason of i

15、nstability in Chinese stock market, and finds out the way that the government exits the recessive--warranted contract; and finally puts forward the corresponding policy advice. Keywords: Stock; Fluctuations of Stock Pr