摘要
2005年股改以来的中国股市新高不断。股指从2006年初至今翻了5倍。2007年来的5次加息不但没有对股市产生过多的负面影响,股指却在每次加息公布的第二交易日有所攀升。本文对这一现象的原因以及利率调整的有效性问题加以分析,认为投资者的非理性因素即羊群效应以及证券市场投资渠道少和股票市场供给不足是加息对股市的影响不明显的主要原因。
Because of the share reform initiated in 2005, the stock market was boosted . The country＇s main share index has risen five-fold since the start of last year. The Central bank has raised the interest rate for five times since March this year. But the stock index increased every time in the second day after the news of raising interest was announced. Why the index soared so quickly？ The reasons in the article are ＂the effect of sheep flock＂ , the less invest channels and stock shortage.
出处
《特区经济》
北大核心
2008年第2期113-114,共2页
Special Zone Economy
关键词
利率变动
股票指数
证券市场
raise interest rate
stock index
securities market
