基于限售股解禁下的我國(guó)股票市場(chǎng)供求關(guān)系研究.pdf

1、合肥工業(yè)大學(xué)碩士學(xué)位論文基于限售股解禁下的我國(guó)股票市場(chǎng)供求關(guān)系研究姓名：楊隆業(yè)申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：姚祿仕20090301ResearchoftheSupply—demandRelationshipinChina’SStockMarket—BasedontherestrictedstockcirculationABSTRACTChina’Ssecuritiesmarketisanemergingandtransitio

2、nalmarket，attheequitydivisionstatus，thesupplydemandrelationshiphasnotbeenfullyreflectedWiththenontradablesharereformbeencomprehensivelyinstituted，theproblemsandcontradictionsarisingfromthereformassociatedwiththestockmark

3、etfellsharplyhavebeenconcernedbythemarketparticipantsParticularlyrestrictedstockcirculationisconsideredasanimportantpressurebecauseofitslargescaleexpansionThispaperfirstlyanalyzestherestrictedstocksfromthescaleandtypesof

4、comprehensiveness，andanalyzesthefactorswhyrestrictedstocksholderssellthemfromcost，thevaluationlevels，andSOonSecondly，thepaperusesthefloatingmarketcapitalizationasthestockdemandtobuildingthemodeltodoaregressionanalysisbas

5、edonthedatafrom1999to2008，andinvolvingsomevariablesrelatedwiththerestrictedstockcirculationtothemodeltodegressionanalysisbasedonthedatafromDec2005toDec2008Thirdly，thisstudycalculatesthefloatingmarketcapitalizationofShang

6、haiandShenzhenstockmarketsin2009and2010dependonthedatadisclosedbyCSDCCLtd，andusesthemodeltocalculatethestockdemandTheresultshaveshowedthatthemarketexpansionpressuremainlycomesfromtherestrictedstocksholder’Ssellingbehavio

7、randexcessiveIPOsItisthatexpansionoutpacedthegrowthrateofmoneysupplywhichcausestheimbalanceofsupplydemandrelationshipDemandofstocksismainlyaffectedbymoneysupply，buthasnothighcorrelationwitheconomicgrowthandisnotsensitive

8、withtherealornominalinterestratesM0hassignificantpositiveeffects，andsavingsdepositshavenegativeeffectsonthestockdemandAfterinvolvingvariablesrelatedwiththerestrictedstockcirculationtothemodelanddoingaregressionanalysisba

9、sedontheseasondata，wefindthatrestrictedstockcirculationhaspositiveeffectonthestockdemandinthelongrunEconomicgrowthhasimprovedthecorrelationwithstockdemand，althoughitisstillinnegativebandTherealinterestrates，nominalintere