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The Institutional and Policy Reason to the High Volatility in China A-share Market

Author: ZhangGuiBin
Tutor: XiaoDuan
School: Jinan University
Course: Finance
Keywords: Behavioral Finance Theory Psychological account Noise traders Policy is expected to
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 465
Quote: 0
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Abstract


China A-share market since its establishment , on the existence of the phenomenon of excessive volatility , and many abnormal fluctuations in the stock market by the regulatory authorities due to regulatory policies , and some also run on the stock market had lasting effects. In addition, we found that our stock has total control of the distribution system characteristics , but also led to inadequate supervision of the behavior of stock market participants alienation , which may increase the stock market volatility . Therefore , if we can find our stock market system characteristics and regulatory policies affect the transmission mechanism of stock market volatility , which improve our stock market has important significance. In this paper, using behavioral finance theory under the hypothesis of mental accounts and DSSW model illustrates the difference between the conduction mechanism and tested using statistical methods described in the conduction mechanism in the reality of our situation . First, from a macro perspective , through psychological explanation stocks account the demand curve ; under the total control of the stock issue , our stock supply curve cross the demand curve steep stage , the stock demand and supply shocks will make the overall stock market price volatility than those without total greater control to derive a decision-making mechanism of the stock price . Second, from the microscopic point of view, China 's distribution system and the specific regulatory regime under the influence , A-share market participants show significant noise transaction characteristics , we use DSSW model to characterize their behavior on the stock market volatility amplification, Furthermore, we will also introduce DSSW policy impact model depicts the policy impact on the stock market volatility amplification . Finally, based on the foregoing analysis gives the conclusions and policy recommendations of this paper .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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