Research On The Bubble Economy Of The A-share Market

The bubble economy of A-share market has always been fundamental but unsolved.Generally,the continuously rising of overall stock price will stimulate price-rising expectation intensively.And then,more and more investors will flow over into the stock market,triggering further increasing price and investment manias.Finally,the speculative demand regardless of the stock's intrinsic value can breed irrational exuberance and bubbles in stock market.Bubble economy can never last long and the bursting of bubble economy will lead to the collapse of stock price,affecting national economy and generating financial crisis.At present,there is no effective method to prevent and govern bubble economy.Based on the systematic study of the bubble economy of A-share market,this paper aims at puting forward some policy suggestions to prevent and control it.This paper mainly studies the bubble economy of A-share market and has beendivided into ten chapters.Chapter one is introduction,which elaborates the background and research significance,the research trends at home and abroad,which also includes research methods,basic framework and innovation points.Chapter two is the theoretical explanation of bubble economy.Chapter three discusses the theoretical probability and generation mechanism of the stock bubbles.These two chapters deal with related concepts and theories of bubble economy.Chapter four is the measure and definition of the bubble economy of A-share market and chapter five further sets on the history and operation law of it.On the basis of the measure and definition of the bubble economy of A-share market,these two chapters analyze the two historical Chinese bubble economy events and then generalize the features and laws of the bubble economy of A-share market.Chapter six focuses on the formation and effect of the bubble economy of A-share market and chapter seven concentrates on the bursting of the bubble economy and its destructiveness.Chapter eight is the philosophical interpretation of the bubble economy of A-share market,including social form,social mentality and financial disassimilation.Chapter nine explores the bubble economy in other nations and regions and then obtains related experience,including the Japanese bubble economy in mid-and-late 1980s,the United States NASDAQ bubble economy in the late 20th century and the Taiwan stock bubble economy in the mid-and-late 1980s.Chapter ten is the policy suggestions for the bubble economy of A-share market.In the current stage of social development,stock bubble economy is unavoidable and the reasonable strategy is to prevent and control it according to the distinct social stages.The core point of this paper can be summarized as:the bubble economy of A-share market has enormous negative impact at both micro and macro level.However,the stock bubble economy is inescapable in the current stage of social development,thus we must take measures to prevent stock bubble economy and form the bubbles-governing policy system.The main innovation points of this paper are embodied in the following five aspects.The first one is the subject.This paper analyzes the bubble economy of A-share market systematically and put forward the future policy recommendations to prevent and control stock bubble economy.The second innovation is research methods and framework.This paper employs the overall market sentiment as the core factor and meanwhile is supplemented by other market valuation index,to measure and define the bubble economy of A-share market.After that,this paper researches the the bubble economy of A-share market systematically from its performance characteristics,operation law,causes and effects,burst triggers and harms.The third innovation is research perspective.This paper studies the bubble economy of A-share market from the philosophical perspective and holds that the inevitable stock bubble economy has its own deep foundations.The fourth innovation is policy proposals.Through analysis of stock bubble economy in other nations and regions,this paper raises policy proposals for the precaution and governance for the bubble economy of A-share market.The fifth innovation is some new perspectives.This paper redefines the bubble economy and concludes that bubble economy should be a kind of economic form,rather than a kind of economic phenomenon,economic process or economic consequences.In essence,bubble economy is a kind of financial alienation and lies on its social foundation and psychological foundation.This paper has mainly employed four research methods.The first is literature research method.Through the collection,identification and processing of related documents,this paper systematically combs the recent domestic and foreign studies of bubble economy and extracts the general regularity and characteristics of it.The second is historical survey method.This paper investigates the historical stock bubble economy in China,Japan and America at length,aiming to restore the historical background.The third is comparative analysis method.Through the comparision between the bubble economy of A-share market and the standard stock bubble model,this paper analyzes the formation,development,burst and regression of the stock bubble economy.At the same time,through the comparative analysis of distinct countries and regions,this paper proposes a host of policy suggestions for the prevention and governance of the bubble economy of A-share market,including monitoring and warning mechanism.The Fourth is the combination of empirical analysis and normative analysis method.Based on the conclusions of the empirical research,the dissertation puts forward the normative policy recommendations.