文档介绍：对外经济贸易大学
硕士学位论文
中国股市的“政策市”现象分析
姓名:公丕珂
申请学位级别:硕士
专业:金融学
指导教师:张玮
20050401
论文提要
中国股票市场是典型的政策市其特征是政策性因素是导致股票市
场大幅波动的主要因素政府干预是政策市的基本特征波动频繁是政策
市的明显特点
中国股市政策市成因在于其制度性缺陷主要包括三点表象原因---
供求关系失衡导致政府政策性干预深层原因---制度缺陷即体制缺陷机
制缺陷结构缺陷功能缺陷和规则缺陷一定程度的政治原因
中国股票市场的政策市特征和造成这种特征的制度性缺陷制约了股
市市场化发展制约投资者正确投资理念的形成制约中国经济体制改革的进
程
因此要以市场手段通过市场化法制化国际化机制来解决中国股票
市场政策市问题
Analysis of the “policy-market” phenomenon of the Chinese stock market
Abstract:
Since China’s establishment of stock market in 1992, the Chinese stock market has
been a typical “policy market” as it is under the strong regulation and control of
policies. The feature of “policy market” of the Chinese stock market is mainly
reflected as:Policy-related factors are main reasons leading to the large-margin
fluctuations of the stock market.;Policy interferences are the basic feature of “policy
market”;Frequent fluctuations are the obvious feature of the policy market.
Questions existed in the Chinese stock market are not caused by the imperfection of
market rules of ordinary emerging market, but institutional defects. The defects
mainly include:Superficial reason--imbalance of demand and supply leads to
governmental policy-related interference;In-depth reason--institutional defects. The
institutional defects are reflected in five aspects: system defects, mechanism defects,
structural defects, functional defects and rules defects;Political reason.
The “policy market” feature of the Chinese stock market and the institutional defects
leading to the feature make the Chinese stock market be in depression for a long
period of time. It mainly includes three aspects:Restrict the development of stock
marketization.;Restrict the formation of correct investment concept of investors;
Restrict the process of Chinese economic system reform.
Therefore, we must establish a market mechanism, including marketized stock market
operation mechanism, supervision mechanism and stock market evaluation
mechanism; sp