关于多层次股票市场问题的思考

建立多层次股票市场，从其资源配置根本功能讲，是十分必要的。而我国股票市场的层次单一现状与目标距离较远，问题突出。对于建立多层次股票市场的路径，存在上市标准和区域化纵向横向两大选择，区域性股票市场是可行的。     

建立健全多层次股票市场的必要性

长期以来,中国证券市场体系很不完善。尽管最近几年允许一些产权交易中心开展业务,并于去年设立了深圳科技股市场（与主板上市标准几乎一致）,但仍没有从根本上解决证券市场单一的问题。可以说这一问题是影响我国证券市场健康发展的重要因素之一。从经济发展一般的意义上说,中国需要多层次的股票市场为处于不同发展层次的企业提供直接融资服务;     

我国多层次股票市场体系建设方略

我国股权市场问题是由经济体制转轨的渐近性造成的,因而也只能由转轨来解决。其解决之道是进一步转换政府职能,放松政府管制,造就一个竞争性的多层次股权市场。     

略谈股票市场的卖空机制

“卖空”对于我国的投资者来说还是一个比较陌生的概念,因为直到目前“卖空”仍然是我国股票市场所禁止的行为。这使得很多人对卖空的意义缺少了解或产生了错误的理解。事实上“卖空”在国外并不罕见,世界上主要发达国家的证券市场上都允许卖空交易,并且发挥了较好的作用。了解卖空的作用和意义,对我国资本市场的发展有重要的现实意义。     

论中国公司股权结构与股票市场机制

引言股票市场的最根本基础是股份制度,它作为一种企业制度形式,并非一成不变,而是随着产业结构的变迁而不断创新,这包括股权结构和治理结构等。因此,在研究分析和营造中国股票市场的制度基础时,既要注重对后发效应（ＢａｃｋｗａｒｄＥｆｅｃｔ）的运用,又要防止制...     

股票市场与货币政策传导机制

当前理论界对货币政策有效性谈论很多，货币政策有效与否关键看其是否能够促进国内需求的扩张以及国民收入的增加。所谓货币政策的传导就是贷币政策的变化如何影响实体经济。在资本市场日益发展的今天，股票市场在货币政策的传导中发挥的作用越来越明显。研究股票市场在货币政策传导机制中的作用也成了当务之急。     

Competition to provide liquidity on the New York Stock Exchange

In order to be successful in attracting trading volume and generate revenue from trading fees, exchanges must allow potential traders to transact quickly at a known price. This is known as providing liquidity. On the New York Stock Exchange, liquidity comes from two sources: traders conducting business on the floor of the exchange and those who electronically send orders to the exchange from off-floor locations. On-floor traders have traditionally been alleged to have advantages over off-floor traders. If that is the case, then this might discourage off-floor traders from providing liquidity and reduce the efficiency of security markets. We find that on-floor traders do seem to enjoy some advantages in providing liquidity, although the differences are not great. This suggests that the New York Stock Exchange is warranted in several of its recent initiatives designed to level the playing field between on- and off-floor traders.     

Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market

Dividend policy behaviour of corporations operating in emerging markets is significantly different from the widely accepted dividend policy behaviour of corporations operating in developed markets. This study provides evidence from the Istanbul Stock Exchange (ISE), an emerging European stock market, and analyses empirically whether the ISE corporations follow stable cash dividend policies in a regulatory environment that imposed mandatory dividend policies. Unlike the empirical results supporting the stable dividend policy behaviour of corporations operating in developed markets, the empirical results show that the ISE corporations follow unstable cash dividend policies and the main factor that determines the amount of cash dividends is the earnings of the corporation in that year.     

股权质押比例限制与股票市场稳定——基于“质押新规”的自然实验

股权质押给股票市场带来较大风险,那么限制股权质押比例能否起到稳定股票市场的作用呢?本文基于"质押新规"这一自然实验,采用倾向得分匹配法和双重差分模型,从股票收益率、波动率、停牌交易日占比和非流动性四个方面研究股权质押比例限制对股票市场的影响,从公司治理和股东持股角度进行了机制分析,并进一步考察了质押比例限制对低质押比例企业造成的溢出影响。研究发现,短期看,设定质押比例上限对个股的收益率和流动性存在负向冲击,对个股的波动率存在正向冲击,股权质押比例限制总体上降低了股票市场稳定性。"质押新规"对控制权转移风险较大的企业的个股收益率产生了负向冲击,对控制权转移风险较小的企业的个股非流动性存在正向冲击;尽管"质押新规"针对的是高质押比例企业,但对低质押比例企业也产生了冲击。"质押新规"的负向冲击主要通过盈余管理和股东持股比例变动向市场传递。因此,应对股权质押风险,需要关注企业的盈余管理等经营状况和股东持股比例的变动,并防范溢出效应造成的风险传染。     

中国股市定价权不容外移

中国股市的定价权是中国经济主权的构成部分，它不允许也不可能外移给国际机构。中国股市的国际化绝对不意味着中国股市非中国化，也绝对不意味着需要将股市定价权外移海外。资产定价中的“一价定理”在实践中是不成立。从“一价定理”中试图得出全球股市“一价”的结论，非旦是谋求一件不可能之事，而且可能极容易将研究引入误区。如果说对“一价定理”的实践效能缺乏认识还是属于研究不够深入严谨的话，那么，在明知这一定理存在实践缺陷的条件下，还在继续坚持并误导，就是别有他图了。市盈率存在着诸多缺陷，它只能是一个参考指标，不能是一个判别股价高低的基本指标，它并无一个国际通行的倍数标准。在建立多层次股票市场体系中，需要注意解决股市规则、构建机制、股市品种、机构投资者和制度建设等问题。建立多层次股票市场体系的过程，就是为中国股市国际化作准备的过程，也是中国股市国际化的构成部分。     

对保险资金入市的若干思考

目前关于保险资金投资股市讨论存在五个误区.保险资金直接入市基于三个理由.要制定正确的保险资金入市政策,就应该对我国股票市场的系统风险作出客观的估计和评价.在较长的时间内,我国股票市场的系统风险仍然比较大,难以对提高保险基金投资绩效发挥太大的作用.     

中国外汇衍生品市场发展的次序

本文通过对国际外汇衍生品市场的发展特点和趋势的研究,结合我国外汇衍生品的实际发展状况,提出我国进一步发展外汇衍生品市场的设想,并指出外汇衍生品市场发展所需的配套措施及需要注意的问题.     

Mapping the trading behavior of the middle class in emerging markets: Evidence from the Istanbul Stock Exchange

Predicted to grow above 4.9 billion by 2030, with an overall spending capacity of $56 trillion, the rise of the middle class in emerging markets has attracted global practitioner and academic attention. How this new wealth will be invested is a central question; yet our understanding still remains fragmented. Drawing on the literatures of international business, behavioral economics and finance and using high-frequency stock market data, we examine and map the trading behavior of the middle class in Turkey, one of the fastest rising economic powers of the East. We find that middle class traders exhibit discernible differences to professionals, with respect to risk attitudes and stock preferences (e.g. prefer lower-risk, smaller-size and ‘value’ stocks). In addition, while they typically hold small portfolios and tend to realize lower gains than professionals, their role has become considerably influential to the direction of the entire market.     

股票市场开放条件下的货币政策效应分析

本文探讨了在股票市场开放条件下,股票市场的国际资本流动对货币政策的影响。在开放经济条件下,对在东道国投资的国际投资者来说,如果股票投资比债券投资更重要,那么货币政策比财政政策相对有效的观点难以成立。扩张性货币政策使国内利率下降,但利率下降会增加股票投资的预期收益,这会吸引国际资本流入,从而导致本币升值,因而扩张性货币政策对产出的净影响是不确定的。浮动汇率体制有利于减缓外部冲击。     

Recent Evidence on the Oil Price Shocks on Gulf Cooperation Council Stock Markets

The recent plunge in the price of oil affected many countries, especially major oil producers and exporters, such as the Gulf Cooperation Council (GCC), which accounts for half of the global oil reserves. This paper examines the impact of oil price changes on GCC stock markets, including Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia, and United Arab Emirates over a 10-year period, 2005–2015. We examine the direction of influence and influence absorption through Granger causality and impulse response function. The results are important for portfolio management at the international level, and provide insights for government and regulatory authorities in times of oil price change. Additionally, the evidence suggests the need for more economic diversification at the country level in the GCC region to mitigate high volatility in the event of oil shocks.     

中国股票市场:2005年回顾和2006年展望

本文系统地概括了中国股票市场2005年的重大事件,其中包括股权分置改革、新的<公司法>和<证券法>出台、证券产品创新和证券公司的整合,既分析了这些重大事件的成因,也探讨了它们的后续效应.并对2006年股市的可能走势进行了研讨,提出了一系列政策建议.