Research On The Formation Mechanism Of Stock Price Of Our Country And Regulation And Control Mechanism

Financial system, the core of modern market economy, is figuratively referred as the brain of modern market economy by Joseph E. Stiglitz. The stock market in China is an emerging market with relatively short history. It involves price manipulation, price fluctuation, unscientific pricing, etc, which may lead to the decrease of share price and the stock market thus fails to fulfill its role of financing. It is of high theoretical and practical significance, in terms of the scientific policy-making, sound development of the stock market and the governmental macro-control of the stock market, to further the analyses of the formation mechanism of stock price, to figure out the stock price fluctuation principles, and to perfect stock market regulation modes.The thesis systematically discusses the history and status quo of the stock market in China, generalizes the fluctuation characteristics of stock price in various stages, points out that the fluctuation is of strong "policy market" color, that the fluctuation is of high frequency and wide range and out of timing symmetry of the appearance of the wave crest and wave hollow, and that the stock market quotation is of "special" feature and quite irrelevant, and it finally reveals the inner reasons of the slumps and roars of the stock price.The market structural basis of the stock price formation is also thoroughly covered in the thesis, in which further study is made in the characteristics of the supply and demand of the stock and a new proposition is put forward that the supply curve shows the characteristic that there will be no flexibility of a stock after the stock price rises to a certain height and is vertical to the horizontal axis. It also points out that the main body of the stock market is not...