中國股票市場投資行為研究

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外文題名

Study on Chinese stock market’s investment behavior

論文作者黃盛著

導師馬君潞教授指導

學科專業國際金融

學位級別 d 2001n

學位授予單位南開大學

學位授予時間 2001

關鍵字中國股市股票市場投資

中文摘要

摘要股市投資主體的行為對證券市場的價格決定和波動性有著較強的影響。主流投資者行為所表現出的惡意炒作、虛假報表、跟莊等活動使股市泡沫迅速累積，進而影響到一國資本市場乃至經濟的正常活動。隨著我國股票市場的發展，我國股市風險問題、效率問題和投資行為的問題也逐漸凸現出來，因此，探討投資主體的行為對股市的影響具有重要的理論價值和現實意義。
本文運用有效市場理論的有關知識，對中國股票市場的有效性和投資主體的變異行為進行了系統分析，對投資主體所處的客觀環境進行了探討。本文認為中國股票市場以來雖然取得了長足的發展，但由於起步較晚、市場不成熟及制度等方面的問題，中國股市仍處於非有效市場狀態，市場上投資主體的行為與成熟市場相比有著明顯的區別。在非有效市場狀態下，資產委託管理人、國有資產管理人、自有資產機構投資者以及自有散戶投資者作為市場主體的投資行為在某種程度上存在著變異性。本文進而對產生這種變異投資行為的原因、表象等等問題進行了研究。
投資行為離不開既定投資理念的指導，而投資理念的形成是與既定的市場制度密切相關的，投資主體的變異投資行為也說明了我國股票市場尚存在著制度上的缺陷，結合這一事實，本文從我國股票市場的實際出發，對我國股票市場的制度建設提出了相關建議投資行為離不開既定投資理念的指導，

外文摘要

ABSTRACT

Investor's behavior has a great effect on the decision and fluctuation of thesecurities' price. The bubble of stock market amasses more and more because of theinstitution's manipulating and controlling of the stock price. The bubble is so bigthat it disturbs the normal activities of the capital market and national economy.With the development of stock market in China, the study on the risk and efficiencyof the stock market and the investor's behavior become more and more importantand urgent. In this thesis, I make a systematical analysis of market efficiency and behaviorvariation of investors in stock market by using relative knowledge of EfficientMarket Hypothesis. During the past ten years, a great progress can be seen in thestock market in China. But for some reasons such as later start and juvenility of themarket and distemperedness of the system, the stock market in China is still in astate of inefficiency and the investors' behavior differ from that in a mature market.In the analysis the investors are divided into four categories including the assetsassignees and state-owned assets administrants and institutional investors holdingprivate capital and individual investors. The behaviors of these bodies havevariability in some degree. Then the thesis discusses the causes and facts of theinvestment behavior variations and how to offer a systematical guarantee to makethese regress to rational behavior. As we know that investors make decision under some established investmenttheory. And the formation of any investment theory has a great relation with themarket system. The current behavior variation of investors in Chinese stock marketimplies that our country's stock market has some great system defects. Somesuggestions about the system perfection of Chinese stock market are given out in thisthesis under the actual situation.

中國股票市場投資行為研究

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