Mobility research of Chinese stock market

The liquidity of the stock market is a whole concept, we must carry on the comprehensive thinking from the different angle, then can get overall understanding to a market is mobility.Chinese stock market from the comparative angle of view investigation, we discover that its liquidity can't compare with flourishing nation far and far.The Chinese stock market still allows in the aspects of promote mobilitily heavy but the way is far. 　　Say from the theories, in the stock bond wait some characteristics of the financial property, mobility should be its core place- lack or have no mobility of financial property, it not only is worth would drive serious under-estimation, even would be zero.( namely no man would like to hold)Therefore, it is mobility to is the sill that any financial market depend on with the existence and movements, stock market also can't exception.At the domestic, the research of mobility stock market is just on the up.But in regard to currently local research progress, on the other hand, although have already from the mobility problem of angle of view to Chinese stock market of the financial market tiny view structure theories have the scholar the trial to carry on the research, think to promote the market liquidity to not only have the realistic meaning, but also contribute to the farsighted development of the Chinese stock market to the development of the Chinese stock market, the regret is to did not analyze to set out from the current theories, carrying on the analysis to the mobility problem of the Chinese stock market;On the other hand, see from some local cultural heritages, the people are widespread to think that the mobility problem concerning Chinese stock market exists a fact that needs not to doubt, then the market is mobility too high.But their main basis is the " change the hand rate"( the turnover rate) far and far more flourishing and national market of the Chinese stock market and want to be high, being up to 400% for successive years above.

Dose the liquidity of the Chinese stock market is the true of lead high?We how treat the liquidity of the Chinese stock market objectively?The method that this text tries to use the theories and combines together physically, make to the liquidity of the Chinese stock market on analyze, hope to cause the theories field to the value that this problem study.Change the hand rate and Chinese stock market liquidities

Currently, as long as someone mention the mobility problem of the Chinese stock market, many person( among them include some economic scholars) right away of reaction may be to think the Chinese stock market mobility too high, then how also can't imagine in the policy measure that China still needs to adopt to increase the market liquidity- is this not the encouragement" speculation"?But of so such numerous persons will get thus a conclusion of, is because of in the development process of the Chinese stock market decade, the market trade too" the fire explode", remove several briefer" bear City", the Chinese investor enter the enthusiasm that the stock market participates the bargain and can say that some ream persons feel unimaginable. Exactly under thus a kind of background, statisticsed from the bargain to see, the Chinese stock market changed the hand rate from 1992 maintain almost and year by year above 400%.( The pay respects to the table 1) this each stock that means to appear on market to circulate is average to want to turn the hand 4-5 times annually above, then stay around each one to buy average not more than two half months of time within a hand, the whole market hands over to throw the circumstance extremely active.From habit the thinking set out, we really seem to can't thus a hands over the market that hurl active extremely to see make a the market that lacks the liquidity. The Data source: 《 the The Chinese stock certificate futures statisticses of year 》 (2000) If thorough analysis, we discover, the special ownership of a share structure of our country distribute the condition and comprehend the " change the hand rate" and relation of mobility markets and can say for us that provided a more special and analytical sample.If list in regard to change the hand rate, the our country A changes the hand rate far and far and high change the hand rate in the B stock market field, this probably match our concerning the our country B stock market field lacks mobility thus a kind of felling, but when we are in international visual field the investigation our country B stock market field changes the hand rate, but we have to face a some results that make person baffle, that be the our country B stock market field change the hand rate includes the United States more at inside of many nation want to be high.This means to change the hand rate average 70% above although to compare with the A stock market field, the stock market an its liquidity of Chinese B is small, still be placed in the proper level?Since the present condition of the our country B stock market field to see, such conclusion was to have problems perhaps of-1999, our for raising the liquidity of the B stock market field, adopt the policy measure of a series. The Chinese stock market changes the antinomy between the hand rate index sign and the market actuality, making us know because the price motion is too violent, using the index sign of change the hand rate in brief, can't make an elucidation for believing the person to take to the liquidity of the Chinese stock market.Does the key that appears this phenomenon lie in changing whether the hand rate index sign can reflect mobility condition of the stock market completely or not?This needs our overall understanding the market is mobility this reads aloud all. The liquidity of the stock market and it measure

Investigate in the world each stock market we discover, regardless with what standard to measure, the liquidities are all not to fulfil same alike, or say the difference biggest.The factor that is showed from this to affect the stock market liquidity is very complicated, far and not we usually imagine so and in brief.Exactly this kind of complexity, make numerous scholars admit the market that liquidity is a concept that make person is hard to catch to touch, the definition of very difficult next precision.But in financial theories, a was usually included by" flow the market" that scholar accept as follows of consensus:If investor at the time of he need, can buy or sell the in great quantities a certain and financial property( such as stock) very soon with the lower bargain cost and according to the reasonable price level, and to smaller influence of the market price creation of that property, so this market is" flow of".Set out from this kind of meaning exactly, we think, if speak from the tiny view angle, the liquidity of the stock market is to point the stock to change into the currency( the purchasing power of the actuality) but be free from the losing ability quickly;But speak from the macroscopic angle, is a participant who points the stock market can carry on a great deal of stock business' trade quickly, and will not cause the stock price occurrence show thus a kind of market of motionto circulate the situation. The western scholar is a number that passes three aspects generally to the mobility fixed amount research of financial market to depict:Tight degree( tightness), depth( depth) and flexibility( resiliency).( Kyle,1985) the tight degree of the market means the bargain price to deviate the degree with valid price.In regard to a this meaning, the one who be deviate of price or say that the business price difference is zero, the market attain so-called" complete mobility", trade at this time can go forward to go the bargain in same price.The depth of the market, is to is depict by the trade amount of the current price level, it means the reaction that investor make toward the market price, a mobility and strong market at some one price up can absorb the enough big trade amount.The flexibility of the market, then after investigating the random proliferation of price return to the speed of the valid price- if the single or other accidental affairs of a great deal of price instruction causes the stock to jump up price but again not affect the object stock value, so and obviously in highly mobility market, the price is very quick and then will bounce their valid level.In the research of the western scholar, the tight degree of the market usually measures with" excess fare"( spread), sometimes also use" the market pounds at the cost" thus a measures the index sign.Then adopted" change the hand rate" index sign morely to the foreign scholar of the market depth, but must what to notice is their analysis to make exchange the hand rate to carry on measure to calculate in more stable environment of total price generally.The measure of flexibility is fix attention on in the pricing stability generally, we can hardly comprehend the market that a price fluctuation not reside would be a the market that is rich with the liquidity. In addition to above-mentioned three index signses, the instant of the bargain usually also useds for measuring the market mobility of high and low- trade finished time more short, the market liquidity is more high;Trade to complete continuously time is more long, the liquidity of the market correspond lower.Obviously, the stock market is mobility of this 4 that depict the index signs exist the bigger relativity, with each other for affect. See from development track of the our country stock market 10 years, change although the hand rate is very high, the market stock price index number motion high frequency, undulate the range greatly, into the world seldom seen.There is scholar pass to 1885-1993 years, a · Jons industry index number and 1992-1998 years, more than 7% number of timeses of the certificate index number odd day fall statistics to relatively see on July, in exceed 100 years, a ·Jons industry index number odd day fall more than 7% dates only have 15 times, but the top certificate index number 6 years inside there will be 23 times;From distribute up see, the biggest date in a · Jons industry index number odd day fall concentrates to distribute at period of two biggest bear City in American history, namely 1929-1931 years period and 1987.But the biggest date of the top certificate index number odd day fall is then the each year distribute in 1992-1998 years inside;The Chinese stock market still has the more more violent than American stock market odd day to flap the range.( big waves,1998)Thus a market, can't say obviously that is a mobility very high market. On the other hand, if set out from a condition of the our country market, we discover, because of some special reason, usually in the circumstance that the market pounds at an existence" carry on the back anti-" of cost and trade amount- the blue-chip stock of the big dish hands over the hurl simple elegance, the price is placed in the stability over a long period of time, some with bad 绩s are even some to be is active by the stock condition of the market of" ST"," PT" on the contrary and very, but hour of price the high hour is low, undulate violent.Various analytical, we think just explained that the mobility problem of the Chinese market allows of no the optimism, need to cause the value.

Mobility analysis of Chinese stock market

From is mobility concerning the stock market of depict the index sign and can see, market mobility this complexity that reads aloud all far and not we usually imagine such in brief.In a research paper(1999) of the international clearing bank, once be divided into the factor of the influence market liquidity three type:Tiny view structure of the product design, market and market participant.We(2001) also once put forward a theories analysis frame for the mobility problem of Chinese stock market.Underneath, prepare to commence from an analytical frame, become because explain to the liquidity of the Chinese stock market.We think that if set out from our analytical frame, Chinese stock market of mobility and very low, the treats to cause to take charge of the authorities attention, and adopt the liquidity that the appropriate measure promotes the Chinese stock market. 1.Chinese stock market participant behavior JIAN3 XI. The investor is all the corpus of the financial market forever, then the behavior of the investor becomes the foundation that studies the stock market liquidity.Because say by the root, the liquidity of the market comes from the need that trades the corpus.Abroad in the economic scholar's eyes, compare the more mature and rational investor of abroad, the Chinese investor have some special( Stiglitz,1999 etc.s), so we the synopsis analysis first. Since the Chinese stock market resume, Chinese each kind of economic corpus is shock with hot liver ream world of that stock market express- short and short no longer than 10 years, the Chinese stock market investor number from zero develop 6000 many ten thousand, it increases the quick speed, the range is greatly, the international community can be said to be unexcelled.In regard to keep view, in development process of Chinese stock market 10 years, in small investor objective up of the " hold the dish"," do the city" behavior's formation toward the Chinese stock price" changes" of" the flock of sheep behavior", the organization investor, always is we mention usually and often, then becoming affecting one of the mobility and important factors of Chinese stock market. This kind of special condition," high benefit" that pluses the Chinese stock market drive and" the government intervention", not only result in" excesssive need" of the Chinese stock market, but also expect in the investor up became" together the expectation foundation on of glue sex expectation", ask for help from the stock market extensively society, objective up caused usually appear personal investor behavior to synchronize the tendency in the Chinese stock market movement- this is to lead with the result that one of the important reasons of the Chinese stock market motion, to a large extent to Chinese stock market of mobility produced the important influence. 2.The bargain cost and informations of the Chinese stock market publish The market trade the cost high and low and transparent degree of information, is to affect the stock market in the investor behavior, then affect important factor of mobility market. (1)Trade the cost Trade the cost is a phenomenon, including to show sex cost and two parts of the recessiveness cost.So-called show to have sexual intercourse the easy cost, mean while entrust the business stock certificate, personal investor must to lie the organization to provide in the stock certificate of in lie the service to pay the expenses, must hand over the certain tax gold of toward nation at the same time.But the recessiveness trade the cost, opposite but talk its size to then estimate not easily.It included the investor information cost or expenseses and market impact costs take place in invest prepare and trade process.Generally speaking, we mainly trade each kind of information search cost that the cost sees to make the investor to take place in collect the information process to the recessiveness. Trade the cost is a key link of our nalytical market liquidity.Lead the high bargain cost, will make threshold of enter the market lead high, thus to the investor before enter market carried on the sieving of" recessiveness", produce so-called" the limit that market participate" phenomenon( F.Allen and D.Gale,1994) and with" enhance by one's own" mechanism between market scale, the stock price motion.( M.Pagano,1989) Even don't include the market impact cost in the Chinese stock market, the comparison that trades the investment that cost share is is already high in other nations, and see from the data of all countries, the market pounds at more than 200% that the cost is a commission and revenue from tax generally.Thus our beginning estimates slightly, considering the market impact cost, the bargain cost of the Chinese stock market share the comparison of the investment and should be or so in 5%.Obviously, the thus high bargain cost has to the Chinese exaltation of mobility stock market to repress the function biggest. (2)The market takes charge of to publish with information In the visual field of the traditional economics, it is a market of the market information that stock market was usually think, but in the eyes of the modern economist, the stock market within the actuality movement is a market with extremely outstanding information problem.This is not difficult to comprehend why the stock markets of all countries all be subjected to take charge of the most strict market, taking charge of the authorities widespread promulgated the strict information to publish the system, resolve the information with the law means incompletely, dissymmetry problem. See from the theories, the bargain on the stock market according to trade the dissimilarity of the motive, can divide the line to two the types:Know what happened to trade( the informed trader) and the one who know what happened to trade not.Because not the one who know what happened trade is engaged in the bargain activity, coming from to pass the arbitrage activity but the motive of the accruals not, but only just for satisfying the mobility need of the oneself necessity, therefore, the mobility bargain behavior combines the uncertain sign rationality.( Allen, Gale,1994)In consideration of its one who distribute extensive, and have the advantage on the quantity, think generally not know what happened to trade is a mobility main promoter of market, sometimes also calling it as" the liquidity trade".Obviously if the information dissymmetry problem is very serious, the one who mean know what happened to trade can get the bigger dditional income from know what happened the information bad situation of trade not, by all means and biggest the one who injure the liquidity to trade participates the will.Not the one who know what happened trade must acquire more informations and just would like to carry on the bargain, this will delay to trade necessarily of carry on, then injure the market liquidity. In the eyes of the actuality, compare American etc. market, the Chinese stock market is the information problem doubtless is a market of severity most in the Chinese market system, the information dissymmetry problem floods the similar to circulate the market, not only exist in the flourishing market economy nation problem of the whole stock issue market, and because of take charge of not enough perfect, punish not enough scathing, still exist many ill natures that manipulate the information to cheat the affairs, if the listed company makes use of the deceitful information to cheat to take to appear on market the qualifications and fabricates the profits, organization to build power and" manipulate the market", the inside story bargain...etc. without basis.In the fulfillment, a handful of listed companies pass to manipulate the information at turning over the hand as cloud, hand of stock for rain on the market, coming to a the extremely rampant situation.They want that the 么 fabricates the deceitful information, wanting the public opportune moment of the 么 control information, want important information of mental reservation of 么 not to publish, want that the 么 is simply to fabricate rumor to mislead the public, broke the market order seriously, to general investor, this is a kind of completely naked depredation doubtless and rob".( WU2 XIAO3 QIU2,1999)Can say, the young and immature Chinese stock market exists the whole western stock markets development process in the information problem that all once appeared, and the performance have to even do evil inferior.

Conclusion

Pass the analysis of our preceding context, we think: 1.Change although the hand rate index sign is to measure an index sign with mobility stock market, it neglected the variety of the price, so take bigger limit sex.See from the present condition of the our country stock market, change anything but an appropriate index sign that measures the liquidity of the hand rate. 2. The liquidity of the stock market is a whole concept, we must carry on the comprehensive thinking from the different angle, then can get overall understanding to a market is mobility. 3.Chinese stock market from the comparative angle of view investigation, we discover the Chinese stock market mobility and can't compare with flourishing nation far and far, the Chinese stock market still allows in the aspects of promote mobility heavy but the way is far. 4.Promote the liquidity of the Chinese stock market, we can from lower the bargain cost and enhance the information to publish( the market take charge of), improve the market tiny view structure and product innovation est.’s to make an effort.