我国股票市场运行中的政府行为研究

Research of government behavior in China stock market operation

金融证券理论认为投资者行为受市场机制约束,政府的作用在于防止投资者脱离投资理性。但我国股票市场是在政府主导下运行的,政府行为不仅导致市场的波动,而且还可以改变市场运行的方向。政府主导市场的结果是扭曲了投资者行为,加大了市场"泡沫",并为利益集团寻租创造了条件。

According to Securities Market Theory,the behavior of investors is effect by market mechanic.The governmental role is to prevent investors to break away rational investigation.But Chinese Stock Market is dominated by governmental policies,the governmental behavior not only result in fluctuation of the market,but also change the market run＇s direction.The result of government dominating the market is that the investor＇s behavior is distorted and enlarge the bubble,as well as giving the chance which the interest group find benefits.