The Research Of The Stock Market Bubbles Structure Theory On The Basic Of Technological Economics

With the extent of China's economic opening to the outside world deepening and the process of internationalization of capital markets accelerating, how to treat bubble problem correctly going with the development of capital market, especially the stock market, becomes more and more important. To this problem, first of all, we must understand how the stock market bubble generated and existed, and how to penetrate it into the reality economy and interact with it. This paper mainly applies technological economy theories and methods to study the generation and existence, especially the internal structure of stock market bubble, designing to provide some new scientific basis to further standardize the development of the stock market.In this paper, firstly on the basis of study the duality of stock price volatility, it demonstrates five characteristics of the stock market bubble: static, dynamic, self-improvement, structural and functional. Secondly, by subdividing stock market behavior into two major categories of investment and speculation, and combining with stock market transactions and holding behavior it demonstrates the different behavior of the stock market may correspond to different stock market bubble (investment bubble and speculative bubble), and researches structurally and quantitatively to the stock market bubble's being state, then puts forward the stock market bubble structure theory, econometric model and its technological economy evaluation index system. Thirdly, in accordance with the general characteristics of stock market bubble structure theory, it explores the relationship between the stock market reality economy, virtual economy and bubble economy, and gives out a new research idea to study these three economies in the macroeconomic. Finally, this paper focuses on analyzing the development status of China's stock market, demonstrates the stock market bubble structure theory, and confirms the objective existence of stock market bubble with same quantity and different structure.In this paper, there are five main innovations:1, The first time to use technological economy theories and methods to research on the stock market bubble, propose the stock market bubble two factor structure theory, econometric model and the evaluation index system and carry out an empirical study on China's stock market;2, The first time to divide the stock market behavior into two major categories of investment and speculation from the broad and narrow perspective aspects, and elaborate the relationship between several major stock market actions, such as the stock investment, speculation, transaction, holding and etc., discusses the different stock market behavior may generate different stock market bubble; All those is the two factor behavior theory of stock market;3. It proposes the duality of stock price volatility, noting that the stock price is not only a product of the relationship between stock market supply and demand fluctuations in the value of the product, but also a result and power of the stock market self-feedback;4. It comprehensively demonstrates that the stock market bubble has five characteristics with static, dynamic, self-reliance, structural and functional, and gives a new meaning of the stock market bubble;5. It explore the relationship between three major economies of reality, virtual and bubble, drawing on the stock market bubble structure theory, and provide a new kind of suggestive idea to a region or a country making a decision for its economy (especially financial) model.