投资者成长与股票价格的互动机制分析

Analysis on the Interaction between the Growth of Investors and Stock Price

理性特别是“经济人”假定是大多数研究的基本条件, 也是分析股市的基本依据之一。从我国的股市发展历程来看, 沪深两地市场短暂的发展历史并非完全具备成熟的投资理性。我们对投资者成长特性与股票价格的互动机制的研究表明, 投资者的思想特别是投资者教育直接引发与决定股票价格, 投资者知识对股市的发展具有决定性影响, 知识的特性决定了股市及股票价格的变化及成长模式。因此, 要促进股市健康有序快速发展, 就需要积极加强投资者教育。

The rationality or “Economic man” is the basic condition of most of the research works. It is also the basis of stock market analysis. In the development history of Chinese stock market, the investors have not perfect rationality. This thesis finds that the knowledge, especially the level of education, has the decision influence on the stock price. Hence, in order to develop our stock market rapidly and healthily, we should enhance the invests’ education.