摘要
中国股票市场自建立至今,已经历了多次大幅震荡。由于中国股市的建立是自上而下的强制性制度安排,且政府集上市公司股权的主要所有者和市场管理者于一身的特殊身份,造成了政府要同时承担发展和监管股市的双重职能,因此"政策市"效应成为影响股市波动的一个关键性因素,其作用过程是政府与投资者之间进行的一场信号博弈。本文通过对该博弈进行的分析,揭示了政策效应在我国股票市场上的作用机理。并根据所做的分析,对政策效应主导下的股票市场的效率做出了评价。
Since its establishment,the stock market in China has experienced violent fluctuation for many times.Because the establishment of China’s stock market was an imposed institutional arrangement from above,and because the government bears a special status both as the main owner of the listed companies’ equities and as supervisor of the stock market,it leads to the situation that the government has to serve double functions of developing and supervising the stock market simultaneously,therefore,“the policy market”effect claims the main responsibility for the price fluctuation of the stock market.The operating process of the policy effect can be described as a signal game made between the government and investors.By the analysis of the game,this paper reveals the operating mechanism of the policy effect on China’s stock market,and based on which,the paper evaluates the effciency of China’s stock market dominated by the policy effect.
出处
《财经研究》
CSSCI
北大核心
2002年第12期19-23,共5页
Journal of Finance and Economics
