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随着我国金融市场的快速发展尤其是资本市场规模的日益扩大,在我国经济体系中也形成和积累了许多泡沫,如果这些日益膨胀的泡沫不能得到及时有效的消解,那么必将加大我国的宏观金融风险,因此有必要对我国股市的泡沫状况进行研究,并针对其成因寻求相应的应对之策,以达到控制股市泡沫水平、防范非理性泡沫的目的。本文首先阐述了泡沫的涵义,其次对泡沫形成的机制和原因进行了介绍,此外通过模型以及市盈率等对股市泡沫进行了测度,同时采取实证检验分析,从而得出当前股市已经处于非理性泡沫形成期,并据此对投资者,监管者提出了防范风险的建议。
With the rapid development of China’s financial market, especially the ever-expanding capital market, many bubbles have also formed and accumulated in our economic system. If these increasingly swollen bubbles can not be promptly and effectively eliminated, we will certainly increase our Therefore, it is necessary to study the state of the stock market bubble in China and to find a suitable countermeasure according to its causes so as to achieve the purpose of controlling the stock market bubble level and preventing the irrational bubble. This paper first expounds the meaning of the bubble, secondly introduces the mechanism and reason of the bubble formation, in addition, it measures the bubble of the stock market through the model and the price-earnings ratio. At the same time, it takes the empirical test and analysis to conclude that the current stock market is in an irrational bubble formation According to this, investors and regulators are suggested to guard against risks.