The Stock Market Bubble Of The Causes And Impact Studies

Nowadays, bubble economy is no longer an unfamiliar economic phenomenon in economic life. It has great impact on social economy. Stock market bubble is the principle carrier of bubble economy. The materials and achievements concerning the research of stock market bubble are relative abundant. Based on the previous research, the author probes into the reasons for its formation and its impact on social economy as well as perfects and advances the research concerned. The thesis is mainly divided into five chapters. The first chapter probes into the definition and nature of stock market bubble through the relation between stock theory value and price. The second chapter analyzes stock market's rational bubble and irrational bubble, using model and psychological analysis in this chapter, the author also introduces the common index of testing stock market bubble and analyzes the stock market in china empirically. The third chapter is a generalization of the background and evolution the process of the formation of stock market bubble, the main reasons of whose formation are information's incompleteness, human's limited rationality, competition's imperfection and the defect of security market system. The fourth chapter analyzes empirically the impact of stock market bubble on social economy from the perspectives of wealth effect, fund cost effect, wealth resource' distribution effect, the effect of structure change of creditor's rights and debt. The last chapter is about some suggestions for the polices to prevent and administer stock market bubble on the basis of the previous theoretical analysis.