作　　者： ; ;

机构地区： 广东外语外贸大学

出　　处： 《西安工业学院学报》 2005年第2期200-203,共4页

摘　　要： 国有股减持导致股票市场的大幅下跌,其咎不在以市场价减持国有股的减持方案.政府对股票市场的隐性担保造成投资者对市场走势的某种“理性的”稳定预期和信念.在此基础之上,政府和投资者塑造各自的心理和行为模式.国有股减持的信号含义就是政府要解除对市场的隐性担保.这个信号引发投资者固有的预期模式和行为模式的转变以及股票市场的信心危机,进而导致股票市场的“非理性反应”—市场以大幅下跌拒绝政府国有股减持和解除担保关系的行为.政府被迫停止国有股减持行为,但停止国有股减持并没有阻止股市的持续下跌,因为减持虽然停止,自减持发出的解除隐性担保的信号仍然有效. Cutting down the state-owned shares at a market price led to a continuing fall of the stock indices, but it isn＇t the fault of market price program. The government＇s indirect guarantee to the stock market arouses the investors＇ “rational” stable anticipation and belief on the stock market movement. On this basis, government and investors build their own psychological and behavioral patterns. Cutting down the state-owned shares meant the government would end his indirect guarantee. This signal triggered transition of invertors＇ anticipation and behavior, and a crisis of confidence burst out, further more the market reacted irrationally to this incident and fall deeply：the market refused the cutting down. At last the government was forced to give up the cutting down, but the market still kept falling. Though cutting down stopped, the signal to end the indirect guarantee continue to work on the investors＇ psychology.

关 键 词： 国有股减持 隐性担保 投资者行为 行为金融学

领　　域： [经济管理]