我国股市扩容速度研究的一个模型分析

A Model Analysis of the Dilatation Speed of Our Country's Stock Market

我国股市经历了快速扩容的阶段,而如何确定一个理想的扩容速度是一件很有意义的工作。本文以上海综合指数为例研究了影响股市扩容的各种因素,以合理市盈率为基础建立了一个研究模型,并表明股市融资速度既取决于经济增长速度、实际利率等宏观经济因素,也取决于股指制定方式等制度因素,同时在短期还取决于股指相对收益率。

Chinese stock market has experienced high speeding capacity expansion in the past decade. It is a significant job to decide the ideal expansion speed. This article research the relationship of many factors influence the speed of capacity expansion involving shanghai composite index, by constructing a research model based on the proper Earnings per share of Chinese stock market. Using this model, Chinese stock market capacity expansion speed are uncovered to be decided by macroeconomic factor such as the growth rate and the real interest rate, system factor like the stock index establishing method, and yield rate of index in short time, which is a random factor.