| The stock market bubble of the problem is one of the frontiers of contemporaryeconomics. Although the theoretical circles on the stock market bubble of thedefinition, measurement, formation mechanism, and no consensus, but because thefoam is the important source of the economic crisis, so the analysis of the stockmarket bubble problem for the prevention of financial crisis, maintain financialstability has important sense.In the stock market bubble study, scholars study the asset price relative to thebasic value of the upward deviation. However, in the real economy, assets pricerelative to the basic value of the downward deviation, namely, value is underestimated,but little attention. In fact, the stock market value underestimate would causeinvestors lack of confidence to reduce investment lead to vicious spiral, eventuallymaking the wealth effect of stock market and resource allocation function loss. Thiscycle is relatively hidden, but also has a self expansion and expansion characteristics.In2000, Robert Schiller in his" irrational prosperity" one book, bubble the reverse isdefined as negative bubble, refers to the market price lower than its basic value part.On the negative bubble research so far few buyers, therefore, the author in this paperwill the stock market bubble is divided into positive and negative bubble bubble, thestock market bubble of negative.Chinese stock market has developed for more than30years, review the historyof the development of the stock market can be found, accompanied by a huge wave,especially since2007rise and subsequent fall fast. Our country academia about thestock market is bubble research has made some progress, but in the stock marketremains in the doldrums today, negative bubble problem has not been given theattention, the author thinks, this is an important missing. Therefore, this paperattempts to analysis of stock market in China the following questions:1.what is the stock market negative bubble.2. The existence of negative bubble in Chinese stockmarket.3.What reasons cause negative bubble.4.What means in view of our countrycan be taken for controling negative bubble. Analysis of the stock market bubble andsound negative issues for the development of Chinese stock market mechanism hasimportant significance.Because of the efficient market hypothesis, only rational bubbles can exist, thetraditional financial theory cannot continue to stock market bubble are explained, andthe short-term rational bubble does not conform to the market downturn of thenegative bubble existence, therefore, based on the non rationality from the viewpointof behavioral finance to the stock market negative bubble problem analysis.This paper summarized the results of previous studies, from a rational angleredefine the stock market bubble, the stock market bubble and a negative meaning. Inthe negative bubble measurement, using a statistical index system and empiricalanalysis of the joint mode of China’s stock market negative foam are analyzed, andthe conclusion of our country stock market value underestimated problem. The stockmarket bubble causes negative is the core part of this article. First of all, by a non-rational perspective, from a psychological point of view and behavior ofoverconfidence and lack of confidence, representative psychology, psychology ofconformity, herding behavior and positive feedback traders and noise behavior ofinternal cause. Secondly, combining with our country stock market from system,policy, culture level, external cause research, and found that the Chinese ListedCompanies’ dividend stock market system is not standardized, opaque and tighteningof monetary policy and stock market of inappropriate expansion are caused by thestock market bubble of the important reasons for negative. Finally, in view of thecauses of the author puts forward some suggestions to prevent negative bubble,including culture value investors, stock market system, perfect the mandatorydividend, keep the stock market equilibrium of supply and demand. |
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