股价指数修正计算的连续性问题研究--兼论中国股价指数的修正计算

本文明确定义了股票价格指数修正计算的连续性要求。提出了满足股票价格指数修正计算连续性要求的唯一通用修正计算公式。分析了中国股票价格指数修正计算的连续性,指出:在2001年12月1日深圳证券交易所应用新的股票除权除息计算方法之前,深圳股票价格指数被人为地降低了;包括上海证券交易所在内的大多数股票价格指数编制机构采用的现金分红时不修正指数的规定,没有保证指数修正计算的连续性,人为地降低了股票价格指数。

Research on Continuity of Index Maintenance

We introduce the definition of the continuity of stock index maintenance, and offer the general formula of index maintenance, which can maintain continuity of the index We analyse Chinese stock indexes , and point out that before the 1st of December 2001, the stock indices of SZSE were reduced factitiously, and that the price indexes , provided by Shanghai securities exchange (SSE) and other stock index providers , were reduced factitiously too because they didnt adjust the divider when cash-dividend .