股票供给曲线凸现向后弯曲与理性投资决策

Convex Bent-backward Stock Supply Curve and Rational Investment Decision-making

股票市场价格的高低及变动是对股票内在价值高低及变动的综合反映和表现,其价格的形成直接取决于市场的供求关系,而影响和调节股票供求量的并不是单位股票的绝对价格水平的高低及变动,它是股票作为投资品的单位内在价值的市场价格水平的高低及变动。由于股票收入效应和替代效应的存在又使股票供给曲线向后弯曲提升了股票的内在价值,这一表象成为引起股价波动背后的主要理性因素,从而为投资决策提供理性依据。

The stock market price at high or low and its volatility represent and manifest the stock inner value and its volatility, the price of which is directly decided by the market demand and supply. What influence and regulate the stock supply are not the absolute price of individual stock share and its volatility, but the market price of inner value and its volatility with stock as an investment. Due to the existence of stock income effect and stock substitution effect that make the stock supply curve bent backward to increase the inner value of stock, it has become a main rational factor which causes the volatility of stock price so as to offer a rational basis for the investment decision.