中国股票市场政策市的新特征

New Characteristics of Policy Market in China's Stock Market

根据2005年1月-2009年6月中国股票市场政策性事件和上证综指的研究发现,2007年以来政策性事件造成的市场异常波动的比率显著下降,管理部门出台政策时更加审慎,管理模式从粗放向精细发展;股票市场对政策事件的反应趋弱,稳定性明显增强;利好性政策事件导致股市下跌势头转弱或从熊市转为牛市,利空性政策事件导致股市上涨势头转弱或从牛市转为熊市。

According to the policy events and the Shanghai Composite Index from January 2005 to June 2009,we found that since 2007,the ratio of abnormal fluctuation caused by policy events drops significantly,and the authorities plays more cautions in promulgating relational policies.Response of stock market to the policy events is weakening and the stability enhances markedly while management mode has developed from the extensive to the fine.Positive policy led to weakening of the incident of momentum in stock price or the transform from Bear to Bull,and bearish policy led to weakening of gains momentum or the transform from Bull to Bear.