论文部分内容阅读
本文从投资者保护视角研究我国股市波动的影响因素,通过构建投资者法律保护综合指数对沪深股市的数据进行实证检验。本文发现:投资者保护综合指数不仅在短期内对股指的正向冲击效果明显,而且这种影响具有长期持续性;股改限售股解禁具有明显的供给冲击的特性,对股指形成显著的负向冲击;中国股市对利率的变化还不敏感,这也在一定程度上反映了中国利率市场化尚未完成的现实;同时,中国股市并不具备经济的“晴雨表”功能。本文的研究结果表明,坚持依法治国,加快投资者保护法律法规建设的步伐,对推动沪深股市的上涨、促进资本市场的健康发展意义重大。
This paper studies the influencing factors of the stock market volatility from the perspective of investor protection and empirically tests the data of Shanghai and Shenzhen stock markets by constructing the Investor Legal Protection Composite Index. This paper finds that the comprehensive index of investor protection not only has a positive impact on the stock index in the short term, but also has a long-term effect. The lifting of the bargain by the reform of the stock market has obvious characteristics of supply shock and a significant negative impact on the stock index China’s stock market is not sensitive to changes in interest rates. This partly reflects the fact that China’s interest rate liberalization has not been completed yet. At the same time, the Chinese stock market does not have the economic “barometer” function. The results of this study show that adhering to the principle of governing the country according to law and accelerating the protection of laws and regulations by investors are of great significance to promoting the rise of Shanghai and Shenzhen stock markets and promoting the healthy development of the capital market.