股票市场对国有股减持的过度反应分析

国有股减持造成股票市场的结构性变动 ,并改变了市场长期以来的定价机制与价值评价标准。沪深股市对此反应程度不一 ,沪市存在过度反应的现象 ,而深市则不存在。造成市场过度反应的原因既包括结构非理性的因素 ,也有投资者非理性心理的作用。减持国有股应综合考虑市场改革的历史背景与规范化趋势、市场公平与资源配置功能的维护等因素 ,逐步推进

Analysis of the Overreaction of the Reduction of State-owned Shares in A Stock Market

The reduction of state-owned shares leading to the structural changes and price-deciding and value-rating system causes overreaction in Shanghai shock market,while it does not occur in Shenzhen stock market.Irrational market structure and irrational expectation of investors are the main causes of it.It should be maintained as the principles that the respect of the background of the foundation of the market, the marketing trend and the fairness of the market, resources distributing function of the market in the reduction of the state-owned shares.