| Tobin'q has the very superiority in the reality application. It get up a bridge between the hypothesized economy and the entity economy, we can observe two markets at the same time by utilizing tobin'q ,which has met demands of realistic economy research .the vital significance of study on stock market's q effect of our country lies in following two aspects: first of all ,studying stock market's q effect of our country is the key relation between hypothesized economy and the entity economy ,is also the foundation of knowing and grasping the actual situation of our country's capital market; secondly ,studying stock market'q effect of our country is the basis for formulating and carrying out our country's monetary policy; is also the premise condition for ensuring that the company's investment decision is right.This article that profits from predecessor's achievement, described the developing process from tobin's q theory to morden investment q theory, and have made a summary in relevant literature on q effect of our country's stock market .on this basis ,this article establish the think that research q effect from microcosmic and macroscopic two aspects, and has draw lessons from the basic model of Fazzari from micro aspect; and has adopted the way of exactly examining in the association in the macro aspect. according to the result of the real example examines the stock market of our country does not exist on obvious q effect.On the basis that the real example examines, analying by the theory and obtaining the reason why the stock market of our country does not exist on obvious q effect, the reason has three aspects: the premise condition in which q effect gives play smoothly lacked; the realize of q ratio arbitrage mechanism have obstacles; and there are series problems in our country's supervise mechanism; on this basis, this article propose relevant policy in four aspects: stockholder's rights structure ;company governs; stock release system and supervise mechanism. |
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