| At the beginning of the 21st century, China is going through the great institutional transition. The economic reform is carried out in economic field for building market economy. The process of reform is the process of substitution of rule and order and recombination of power and interests. Under this background, the credibility issue becomes the important factor that perplexes the efficiency of microcosmic operation and the justice of the society.Chinese stock market is regarded as an important part of market economy. In the course of its development, the credibility issues are already quite outstanding. However, because state-owned enterprises need finance, the government supports the development of the stock market by the administrative measures. The severe problem has been concealed in the superficial prosperity temporarily. However, after reaching its historical peak of the past decade in June of 2001, Chinese stock market has been on the downswing for two years, which exposed the credibility problem that has already existed in the stock market. The facts the behavior without credibility in the stock market will reduce the efficiency of the fund allocation. The investors lose their confidence will affect the function of the stock market. So, as one of the important parts of financial market, the stock market involves the resource distribution efficiency and the reallocation of the wealth. Studying the credibility issue of the stock market, and finding out the economic explanations for the reason of lack of credibility and confused phenomenon have the theory and realistic meanings. The foundation of theory is to offer the benchmark for solving the realistic problems, and to build up the basic structure with which it helps us forming the right policy. The paper regards credit theory of Marxism as a guide from the angle of economics mainly, using neoclassical economics and neoinstitutional economics as analytic tools to analyze the economic meaning of credibility. On the basis of this, the research object, the credibility issue of Chinese stock market, describes the course of details, and finds out institutional reasons for the lack of credibility behavior in Chinese stock market. The final purpose is to build up the credibility mechanisms of Chinese stock market. On the logic structure, regarding sincere issue as the clue, regarding stock market as the emphasis, the paper those method: reviewing the reference, describing the problem, analyzing the basic theory, making configuration of the theory and resolving the realistic problem, which in accord with the research paradigm of economics.Arranging in the chapter, the thesis divides into six parts.The part of the introduction has explained the reason of selecting this subject, the research approach and main content of the paper. The second part includes literature review, economic analysis of credibility and basic theory of stock market. Credibility is analyzed by means of the asymmetric information theory and the transaction cost theory. Further more, I explained the relationships between the reputation investment and the credit environment. At last, asymmetric information of stock market and market efficiency are analyzed.The third part is the historical evolution of Chinese stock market and behavior without credibility. First of all, the historical evolution of Chinese stock market is described according to time order, institutional change is summarized. Secondly, enumerating the behavior without credibility in Chinese stock market according to the classification of the sector in the market. The fourth part carries out institutional analysis about the behavior lack of credibility in Chinese stock market. For knowing the reason, wemust analyze the aim of the stock market body and its institutional environment. The stock market body includes listed corporations, securities companies, the authorities of security supervision, local government and department of central government. We must know how the body maximizes their... |
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