| In today's times, the securities market has become an important economic and social component of the operation and play an irreplaceable role in the national economy. Looking at the world history of capital market, if the stock market bubbles in a reasonable range, it will be good to country's economic development, enhancing economic efficiency, corporate finance, science and technology . On the contrary, if the stock market bubbles burst in society, it would be a serious impact on economic development. In fact, the history of several major economic crisis are associate with the stock market bubble burst. China's stock market from June 6, 2005 of 998.23 points to October 16, 2007 to 6124.04 points to 2008, a short period of 3 years have yielded so much volatility, creating a billionaire at the same time and also destroying the wealth in the hundreds of millions of people. Duing to power generation, industrial number of important indicators of a serious negative growth, country has been hit hard by the economic from the beginning in 2003 annual growth to the second half of 2008. The global economic crisis caused by U.S. sub-prime credit crisisleading to a global stock market crash, capital flight and instability .A number of countries have a serious outflow of capital led to extreme currency instability, social unrest The economy is full of pessimistic about the future, the world economy has to face a new round of recession.With China's accession to WTO, China becomes more and more impornt in the global economy.A large number of businesses need to have an international perspective in the global trade ,.At the same time the capital market has play an important role in the corporate finance which requires China's capital market services for Chinese enterprises in an international perspective. Since the 2005 Capital markets split share structure reform to solve the long-standing stock of deep-seated problems for the healthy development of China's capital market.In 2008 the sub-loan crisis, the unprecedented collapse Chinese stock market has not only exposed the problems of China's stock market, but also carried out important reforms in China's capital market year. A series of related systems and the of norms for the development of China's capital market has established. The stock market bubble to the capital market like a double-edged sword, if used properly can not only gradually opening up the Chinese market, attracting international capital to enter,into, and increase people's wealth, and better achieve wealth for the people;for the contrary,it will not only lead to a sharp deterioration in the bubble and the bubble burst produce a series of political and economic problems ,seriously affecting the socialist modernization . Therefore, to discuss how to better control it is an urgent and important issue.This was divided into five parts, the first major set out the background and research topics of significance, the relevant literature review, research and innovative ideas and research methods and shortcomingsThe second part of firstly definition of the stock market bubble, then the stock market bubble began to feature,through lists such as Japan, Taiwan, Hong Kong, Vietnam and mainland China .There is a common feature of the bubble reached a role in a short time, the number of accounts suddenly increase in price-earnings ratio far higher than normal level Discussed in detail the emergence of bubbles - bubbles rapidly expanding - the bubble burst phase of the three stages. Finally, we discuss the reasons for bubble formation and its impact on the economy after the collapse and the case of the United States, Japan, demonstrated as a fact, testing the theory reviewed.The third part begin with the use of common metrics to measure China's stock market bubble. Comparison between the use of price-earnings ratio of China's stock market price-earnings ratio obtained the previous bull market peak, when price-earnings ratio for each bull market are much higher than normal earnings level, need to attract national macro-control departments using regulation and control to resolve the risk of stock market bubble. The relative growth using the stock market in 05-07 years show that China's stock market bubble is extremely serious, in 2008 the bubble burst is far too rapidr. Other reference index show that the number of accounts in the stock market bubble show blowout scene.The fourth part analysis Chinese stock market bubble in the actual situation.There are three major aspects. The first is the stock market occupied the major form of executive-led stock market bubble for a long time. Because of long-term government-led, China's stock market China's stock market can not establish an effective market mechanism . The second fact is liquidity in the stock market bubble. After China's accession to the WTO-based economy, strong external demand, rising foreign exchange reserves, while in 2003 -2007 years, the proliferation of global capital led to large-scale international capital into China to invest in China's stock and property markets, the central bank had to invest heavily in order to stabilize the RMB exchange rate hedging, which resulted in a serious excess domestic liquidity, funds have continued to find ways to invest. A lot of money flock to the stock market, pushing up the index. 2002 -2,008 years, money supply can clearly see that the rate of money supply every year to maintain strong growth. Third is invest institutions and enterprises create the stock market bubble. Enterprise fund do not invest the real economy, and lending institutions into the stock market .the use of insider information with business organizations continue to push up their own shares, then selling the stock hold-up other peoplePart V for the Chinese stock market bubble induced by various factors puting forward my own policy proposals to defuse the Chinese stock market bubble. Mainly in the following four aspects. The first is to transform the administrative intervention in the stock-based positioning, to establish a market-oriented stock market. The stock market to be the optimal allocation of resources, while the use of administrative measures will inevitably lead to the unfair allocation affect market efficiency. The second positive macro-control. Ministry of Finance, the central bank, the State Administration of Taxation, Development and Reform Commission and China Securities Regulatory Commission and other related departments work together to conduct a positive and effective macro-control, do a good job to the economy, and guiding the smooth and efficient economic growth is important to ensure the healthy development of the stock market conditions. 3rd strictly regulate listed companies, disclosure systems to prevent insider trading. China Securities Regulatory Commission develop and revise relevant laws is strictly prohibited in the promotion of assets, reorganization of insider trading, protect the legitimate rights and interests of investors and create a fair and equitable investment climate. Fourth educate numbers of investors rational investment, crack down on stock manipulation cases... |
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