利率管制、投资者行为与股市的财富效应

Interest Rate Control, Investor Behavior and Stock Market Wealth Effect

通过利率管制视角分析导致中国股市财富效应微弱的成因,结果表明利率管制是导致中国股市回报低、波动大、投机性强、上市公司质量低的重要因素。文章同时应用期望理论,对投资者在利率管制背景下的投资行为和资产组合进行了分析和解释,得出观点:认为利率管制是导致中国股市财富效应微弱的重要原因之一;应用沪市和深市数据实证分析的结果支持理论假设。

The paper analyzes the reasons leading to the weak wealth effect of China's stock market from the angle of interest rate control and finds that the interest rate control is the main factor that results in low returns, high price volatility, speculation prevailing and low quality of listed company in China's stock market. Meanwhile, with the expectancy theory, the author analyzes and explains the investors' invest behavior and asset portfolio under the background of interest rate control and puts forward the hypothesis that the interest rate control is the main reason that result in the weak wealth effect of China's stock market. The hypothesis is supported by the results of empirical data analysis of Shanghai and Shenzhen stock markets.