中国股票市场的发展及波动周期分析

中国股票市场自1991年正式运行以来，经历了一个飞速发展的过程，不仅上市公司和投资者数量剧增，而且股票成交金额及筹资规模也在剧增。但是作为一个新兴的股票市场，波动性与不稳定性是其基本特征。本文通过分析中国股票市场的发展现状和股市波动的特点，根据中国股市18年的发展历程及波动特点，将其划分为8个波动周期，并研究了每个周期的基本特征及概况，简要分析了影响股市波动的因素，并指出对股市波动周期划分的意义。

Analysis on Development and Fluctuation Cycle of China's Stock Market

China's stock market has undergone a rapid development process since it operated formally from 1991. Not only the number of listed companies and investors increase sharply,but also the trading value and scale of fund raising increase sharply. However, as an emerging stock market, high- growth development and volatility of stock market is its basic characteristic. Through studies of China's stock market development of more than a decade,this paper analyzes the stock market fluctuation characteristic, divides...