中国股市政策市中的正反馈交易机制

中国股市是政策市,但我国政策市的政策效率低下,国家宏观政策与预期效果相差甚远,股市上非理性投资者对政策反应的情绪作用被放大,从而导致了宏观政策出台后,股市的更加不稳定。

The Positive Feedback Mechanism of China's Policy Market

China's stock market is a typical policy market and is of low efficiency. The policy result is always far away from government's expectation. Using cutting-edge theory of behavior finance, the paper analyzes the operation of China's policy market, pointing out that the existence of positive feedback mechanism magnifies investors' reaction over government's policy, and thus making the stock market more volatile after the issuing of a new macroeconomic policy. The article also builds a positive feedback model of China's policy market, with the combination of China's reality and the related Behavioral Finance Theory.