中国资本市场泡沫与市场信用建设——由资本市场上的“羊群效应”引发的思考

China's Capital Market Foam and Credit Construction

中国资本市场机构投资者严重缺乏 ,个人投资者占主导地位。信息不对称使非理性投资主体大量产生 ,引发“羊群效应” ,这主要是由于机构投资者的产权不明晰造成的。减少中国资本市场泡沫 ,必须大力加强资本市场信用的建设 ,而这又离不开机构投资者产权的明晰界定。

There are few institutional investors in chinese capital market, in which individual investors play a dominant role. Information asymmetry induces a great deal of irrational investment, known as 'sheep effect', as a result of unclear property rights of institutional investors. To ovoid such capital market foam, it is generally supposed to strengthen the capital market credit construction, which relys hearily on the clear definition of the property rights among institutional investors.