Analysis Of Irrational Bubbles In CSR And CNR

It has been more than twenty years since Chinese stock market is established. With economic system has been continuously improved and economic strength has been continuously enhanced, Chinese stock market has a considerable scale, it plays an increasingly important role on The effective allocation of resources. From the beginning of 2014 June, China’s stock market turning point, the stock market began a new round of bull market. As an experimental field of state-owned enterprise reform, a bull market leader as well, the merging event of CSR and CNR has drawn much attention. Chinese is severe CSR and CNR merger speculation, speculation is irrational investors extremely, the stock price is pushed to the top. The stock price from the real economy fluctuation often means that bubble. Due to the irrationality of investors, the liquidity of the government stimulus, media hype, institutional investors manipulate stock price, regulators on the sidelines with capital regulation ineffective, eventually leading to CSR and CNR stock bubble, and the bursting of the stock price also to our country stock market caused immeasurable impact. Therefore, it is necessary to CSR and CNR price bubble analysis, to prevent the tragedy, to provide protection for the stable, healthy and sustainable development of China’s stock market.This paper mainly uses the irrational bubbles theory, based on the definition of the irrational bubble, influence the formation mechanism of irrational bubbles and irrational bubbles in detail, and then combined with the relevant data to carry on the case of CSR and CNR merger event, then through the use of earnings analysis, the number of shareholders and the analysis of amplitude and turnover rate analysis methods and data of CSR and CNR shares of irrational bubbles test, and then, from two aspects of personal factors and external factors are analyzed, the irrational bubble finally, for reasons from individual investors, institutional investors, news media, government regulators, five subjects were put forward. Provide Measures and suggestions for prevention of irrational bubbles.