论文部分内容阅读
一、我国证券市场的历程和现状 我国证券市场从以深圳发展银行为首的五家股份制公司上市开始,至今已发展到深沪两市上市公司股票近900家,基金30家,并有国债和企业债券等数十种,总市值19370亿元(1998年7月底数据),股票指数也比证券市场创建之初上涨了数倍。大起大落一直是我国证券市场九年发展历程的特色,资料表明,我国证券市场投机成份过浓。 1、股价波动幅度过大 由于我国证券市场的主要品种是股票,可交易股票市值占总容95％以上,股价指数变化情况直接反映了证券市场的发展形态。 深沪两市股价指数从1991年的988点和105点分别上升到3200和1150点,深市涨幅在3倍以上,沪市则超过10倍,期间多次发生过剧烈的震荡,尤其在1996年3月至1997年5月短短14个月间,升幅超过了6倍(深市)和3倍(沪市)。进一步分析深市1997年1月至1998年7月的成交量数据,还可以看出二级市场资金短线行为的特点。
First, the history and current situation of China’s securities market China’s securities market from the Shenzhen Development Bank led by the five joint-stock companies listed on the market has so far developed to nearly 900 shares of listed companies in Shenzhen and Shanghai, 30 funds, and government bonds and enterprises Bonds and other dozens of the total market value of 1.9370 trillion yuan (data at the end of July 1998), the stock index also rose several times than the beginning of the stock market. The ups and downs have always been the characteristics of the nine-year history of China’s securities market. The data show that the speculative components of China’s securities market are too thick. 1, the stock price volatility is too large As China’s securities market is the main varieties of stock, marketable value of tradable shares accounted for more than 95% of the total capacity, the stock price index changes directly reflect the development of securities markets. The stock index in Shenzhen and Shanghai rose to 3200 and 1150 points respectively from 988 and 105 points in 1991, while the Shenzhen and Shenzhen stock markets rose more than three times and the Shanghai stock market more than 10 times. During these times, severe turbulence occurred many times, especially in 1996 Between March and May 1997, the increase was more than six times (Shenzhen) and three times (Shanghai) in just 14 months. Further analysis of the Shenzhen stock market volume data from January 1997 to July 1998, we can also see the secondary market funds short-term behavior characteristics.