Study On The Short Sales And The Foundation Of Mechanism Of Short Sales In Chinese Stock Market

The stock market of China is being in a period of acceleration reform and acceleration development, whether should we set up the mechanism of short sales of Chinese stock market is a hot problem of current theoretical circle, there are various opinions on the. problem. What kind of exchange and mechanism is short sale? How does it influence on the stock market? What kind of mechanism of short sales should we establish? What job should we do? The paper attempts to analysis and solve these problems.This paper is absorbing and referring to the former theoretical accomplishment and practice experience, using mathematical model analyze, game analyze, comparing study, the analysis method of segregation as well as history and positive analysis method, make clear that we should allow the exchange of short sales and should establish the mechanism of short sales to promote development of the stock market of China, give some policy suggestion of establish the mechanism of short sales in Chinese stock market as well.This paper divides into 4 parts totally: the first part is the prolegomenon; it introduced the major problem of this paper, collects the former related documents and make a brief classify summary of them, point out the major viewpoint of them.Second part is paper's first chapter, short sales general state. In this chapter, this paper firstly define the mechanism of short sales and the exchange of short sales, then go deep into defining the exchange master, the guest and the operating step of the short sales, then try hard to find out the realistic meaning of short sales by historical investigation. The most important part in this chapter is that it analysis the risk of the exchange ofshort sales, this paper is using classification analyze law, according to different participator cause different risk in the exchange of short sales in stock market, divide into investor, public company and entire stock market to analyze, find out that the exchange of short sales bring difference risk to difference participator in the market.The part of 3rd is the paper's second chapter, research on the essential for short sales in stock market. In this part, firstly, this paper change the condition of Markowitz model, prove short sales exist possibility and certainty; and discussed the role of the mechanism in stock market, narrate the 3 functions of the mechanism of short sales. They are strengthening mobility function, price discovery function and decreasing the information asymmetrical function for stock market.The part of 4th is the 3rd chapter of the paper, short sales and mechanism of short sales with the Chinese stock market. This chapter is the most important part in the paper. Firstly, it study the necessaries of the mechanism of short sales according to the distinctive of Chinese stock market, then study the feasibility of establishing the mechanism of short sales for Chinese stock market, and give some method of establishing of the mechanism of short sales in Chinese stock market according to the present situation of Chinese stock, finally give some suggestion of the exchange superintendence of short sales.This paper attempt to make an overall and distinct treat of exchange of short sales and the mechanism of short sales, and hope benefit for establish eventually the mechanism of short sales in Chinese stock market, promote the development of stock market.