摘要
特定的股票总是被市场上特定的投资者群体持有 ,以反映该投资者群体对投资资产价格的评估意见。投资者意见的分歧会导致股票市场的资产出清价格偏离均值 ,股票价格趋于均衡的波动幅度也会变大。中国股市上投资者投资选择权的约束加大了投资者的意见分歧。扩大投资者的投资选择权来促进投资者意见分歧程度的缩小能有效降低中国股市的风险。
Specific investor groups always hold specific stocks to reflect their opinion of investment. Divergence of investor's opinion can result in the clearing price of market diverting from the average estimate of potential investors, higher volatility thus follows. Constraints on the right of investment choice will aggregate the divergence of investor's opinion. Expanding the investment choice right of investors to reduce the divergence of investor's opinion is the efficient way to lower the risk of stock market in China.
出处
《经济研究》
CSSCI
北大核心
2002年第8期37-43,共7页
Economic Research Journal
