我国股市监管政策差异与股指波动因应

The Regulatory Policy Differences and Respondence of Share Index Fluctuation in China's Stock Market

将监管政策是否有效的期限划分为短、中、长期,选取了"维持股票市场稳定发展"、国有股减持、《国务院关于推进资本市场改革开放和稳定发展的若干意见》、完善新股发行制度、股权分置改革、"大小非"减持以及股指期货推出等政策,分析管理层颁布政策的意图与投资者如何理解相关政策,并结合股票指数的波动的研究表明:股票指数的波动与政策的意图存在一定的偏差,重要原因是相关监管政策颁布的时机选择存在问题。

This paper defines the effectiveness of regulatory policy in short, medium and long terms, selects the policies including the Maintaining Stable Development of the Stock Market, State-owned Stock Reduction, State Council＇s Opinions on Improving Reform, Opening up and Steady Development of the Capital Market, further reform and improve the guidance system of new share issue, the reform of equity division, the shares reduction of the Big and Small Non-Tradable Shareholders, stock index futures approved and so on, analyzes the aim of management＇s promulgating the regulatory policies and the investors＇ understanding the policies. With the research on the share index fluctuation, it shows that： there is certain deviation between the share index fluctuation and the aim of management, the reason of which is that the regulatory policies should be promulgated at an appropriate time.