The Effectiveness Of Market "policy" An Empirical Study Of Investor Behavior

When people research the rules of the capital market in the western academe, the classical method is to measure the price efficiency of the security market using the EMH theory. For China has a special structure at the beginning of the stock market, the government has to act as two roles in the market: first, the government supervises the market as the maker of the game's rule; second, the government is really the largest shareholder in the stock market. So when we review the efficiency of China's stock market, we must introduce the "rule efficiency" and find the deeply meaning of the issue. The thesis tries to make a demonstration research according to the influence that the government exerts to the investor, and then analyzes the strategy purpose, the means, the transmit mechanism and the degree of the government's affect and the investors' action and response to the policy. We hope the research can offer some inspiration to the later research relating to the improvement of the rule bug in the security market.The first chapter discusses the utilization of the EMH in our security market. Firstly we give a comment on the classical theory, and then we make a statistical test and then discuss the applicability of the utilization of the EMH in China's stock market.The second chapter discusses the influence of the policy factors to the market. We discuss the reason and the history of the "policy market", then make a conclusion that the rule defect is the root reason to the low efficiency of our market.Chapter three discusses the influence of the market efficiency to the investors' action. We firstly analysis the characteristics of the investors, and then research the influence of the efficiency to the invest tactics. Finally we prove that there are many speculation factors in the market making use of a test.Chapter four discusses the influence of the policy factors to the investors' action. Firstly we demonstrate the micro structure of china's stock market, then we give the theoretical structure of the game between the government and the investors.Chapter five research the influence of the important affairs to the market, simultaneously we classify the important affairs to explain the affect of the policy tools.Chapter six summarizes the main idea of the thesis and provides the policy suggestions.