股票市场均衡与大股东行为选择
The Equilibrium of Stock Market and the Major Shareholders’ Behavior Choice
Abstract:The disequilibrium resulted from the speculation of the stock investors is one of the tough problem in China stock market. The article first derives the conditions of the stock market equilibrium, and study the effect of behavior selection of the major stock holders to the stock market equilibrium. On this basis, we make a research on infringement of china’s panies’ major share holders on the investors so as to prove the effect of it and the so-induced disequilibrium. The research of the article shows that the fundamental reason for the disequilibrium of Chinese stock market is the non- regular behavior selection on the margin aim as well as the profit-sharing policy of the major stock holders.
Key words: stock market; behavior of major share holders; disequilibrium.
内容提要:股票投资者的投机行为及其所导致. com的股票市场的非均衡,是中国股票市场存在的难点问题之一。本文首先从理论上推导了股票市场的均衡条件,并研究了大股东的行为选择对股市均衡状态www .ddd Tt. com的影响;在此基础上我们sSBbWw考察了中国上市公司大股东对投资者的侵害行为,并证明了大股东侵害对投资者行为选择的影响及其所导致. com的中国股市的非均衡。本文的研究表明,中国股市非均衡状态www .ddd Tt. com的根本原因之一即在于利润目标和分红政策的非规范行为选择。
关键词:股票市场大股东行为非均衡
一、引言
投资者行为是影响股票市场均衡状态www .ddd Tt. com的根本性因素,而股票市场的均衡与否,则是股票市场的风险分散功能和资源配置效率能否充分发挥的前提性条件。正因此. com,对投资者行为及股票市场的均衡状态www .ddd Tt. com的研究,一直是金融经济学所关注的焦点问题之一(Fama,1970;Statman,1999)。从我国的现实看,股票投资者的投机行为及其所导致. com的股票市场的非均衡,是中国股票市场存在的难点问题之一。对此国内的研究文献也给以了极大的关注
股票市场均衡与大股东行为选择 来自淘豆网m.daumloan.com转载请标明出处.
