Study On Coexistence Of The Shareholders Reduction And The Bull Market Of GEM

2013was a peak period of the stock market in a large reduction of shareholders, especially GEM companies;2012Shanghai and Shenzhen, China’s total holdings of shareholders of about140million, of which the small board and GEM respectively, occupy70%and23%.2013Shanghai and Shenzhen of China’s total shareholders’ holdings worth about58billion, which accounted for58%of the small plates, the GEM accounted for35%of the market value of the GEM holdings grew by about530%compared to2012, the shareholders in such a huge reduction under pressure, the GEM has created a sector index return of nearly300%, a phenomenon that led to my thinking.Through in-depth market data mining, using descriptive statistics and regression analysis for2013to shareholders on the reduction behavior of the specific impact of market depth analysis, in a clear negative impact on shareholders’holdings of short-term behavior of the market on the basis of further from the capital market the system design point of view of the causes of a large number of shareholders cash holdings behavior phenomena occur simultaneously for a large number of holdings in2013and the shareholders GEM bull, firstly excluded from the fundamental point of view of the high growth in2013by the company’s inner GEM value determined after the application of the runs test and inspection methods depend on the duration of the market to determine the existence of a speculative bubble, so as to arrive in2013this market phenomenon worth thinking largely ineffective by the market of the decision, the final paper also briefly analyzed other possible causes of the GEM2013bull market.Final text concludes:GEM shareholders holdings structural bull market peak and2013and there is the phenomenon by the capital market system design flaws, market and other market speculative bubble caused by environmental factors, although a large number of shareholders does cause a reduction the negative impact of a strong market, but due to irrational market caused a lot of money to continue the pursuit of the obvious bubble GEM; this phenomenon theoretically questionable under our current capital market environment has its inevitability, but with the advance of China’s capital market reform, and constantly improve market efficiency, institutional investors accounted for the proportion of the market continues to improve, investors will continue to become more rational behavior, this phenomenon is caused by the irrational market will be gradually reduced.