行业管制解除后资本市场反应的研究

Research on Market Reflection After The Trade Regulations Were Decontrolled

本文研究了行业垄断管制解除后,我国资本市场两大主体即上市公司和投资者对这一政策信息的反应。采用规范研究和实证研究相结合的方法,分析了上市公司对宏观政策信息的反应情况和这一政策影响下我国股票市场股价的变动情况。研究发现相关行业上市公司对政策信息的反应不敏感而我国市场投资者却关注这一信息。从而揭示了我国股票市场信息供求之间存在矛盾的这一现实。

This paper studies the two main bodies, including the listed companies and the investor＇s reaction to the policy information, which removed the control of some industry in our country. In the paper we use positive research method and normative research method. We analyzed the reaction of the listed companies to the macroscopically policy information and the changes of the stock price in the stock market of our country under this policy. We discover the relevant listed companies＇ reaction to the policy is not sensitive, but the investors are sensitive to this information, Thus we disclose the contradictory reality between the market information supply and demand of the stock market in our country.