证券市场稳定

投资者教育与证券市场稳定的传导机制研究&行为金融学视角的探讨

Study on Conduction Mechanism between Investors ' Education and Securities Market Constance & Approachment from Behavior Finance Perspective

制约大股东的“掠夺”行为，保护中小股东权益是我国证券市场稳定与发展的重要基础。

For the defaclt which exist in the Chinese stockmarket s system , there are many big stockholders occupy the corporations fund .

为了保证证券市场稳定和发展，世界各国对上市公司信息披露规范极为严格。

To keep the securities market steady and developing , the information disclosing of listed company is taken seriously in every country .

严格规范的上市公司信息披露制度是维护证券市场稳定、强化投资者信心的关键，是发展现代证券市场的核心原则。

Strict and normative information disclosure system is the core to keep the securities market stability , and the focus to consolidate the investors confidence .

任何维护证券市场稳定的监管政策都必须建立在对个体投资者行为以及导致其产生的深层次因素分析的基础之上。

Any supervising policy to maintain a stable stock market must be based on market behavior and lead to the generation of deep-level factor analysis of the foundation .

如何加强减持过程中的交易监管和信息披露监管，以保护中小股东利益、维护证券市场稳定发展，构成了未来市场监管的重中之重。

Reduction in the process of how to strengthen the supervision and information disclosure regulation transactions to protect the interests of small shareholders , maintaining stable development of the securities market , constitute the most important future market regulation .

这些都严重地挫伤了投资者的信心，影响了证券市场的稳定发展。

All of those bruised the confidence of the investor seriously , and affect the development of the stock markets .

如何保证证券市场健康稳定的发展，是政府、企业和投资者关心的问题。

How to develop , regularize and supervise the market has become imperative for the government , enterprises and investors .

当前在我国发展基金有利于证券市场的稳定，能为金融市场的发展提供稳定的资金来源渠道，能为投资者提供新的投资渠道，优化社会资源的配置。

At present , developing fund in our country will benefit resources allocation and lead to stability of stock market .

证券市场的稳定对金融体系乃至经济的稳定至关重要，因此，对证券市场脆弱性进行系统的研究具有较大的理论与现实意义。

So stability of securities market is significant to stability of financial system , even to stability of the whole economy .

为保持证券市场的稳定，必须建立一个有效的均衡汇率市场形成机制、增强证券市场的流动性和扩大市场容量，以及构建一套完整的国际资本向证券市场流动的动态监控与预警机制。

And an integrated set of mobile mechanism for supervising and fore-warning against the international capital trend to the domestic stock market must be constructed .

因此，保持我国证券市场的稳定繁荣，对遏制我国当前通货紧缩趋势具有积极作用。

Maintaining the stability and prosperity of the Chinese securities market , therefore , plays a positive role in curbing the present deflationary tendency in china .

这不仅在很大程度上损害了中小投资者的合法权益，而且对证券市场的稳定和健康发展构成了很大的威胁。

These illegal activities not only make minority shareholders suffer large economical losses , but also threaten the stabilization and healthy development of china stock market .

为了最大程度地保护投资者的利益，维护证券市场的稳定，沪深两市交易所上市规则规定了上市公司股票在多种情况下的停牌规则。

To make sure that investors are protected in the best way and the market runs stably , the listing rules regulate various reasons that should course trading halts .

作为独立性最强的注册会计师审计，在自上个世纪八十年代至今的二十余年里，为保证我国证券市场的稳定和发展起到了重要的作用。

The Certified Public Accountants are the most independent auditors . They have played an important role in Chinese securities business to guarantee its stability and development during the past twenty years .

股票发行上市审核制度合理与否，不仅直接关系到证券市场的稳定和可持续发展，而且还直接影响到投资者的信心。

Issuing and listing stocks verification system is reasonable or not , not only directly related to the stable and sustainable development of the securities market , but also a direct impact on the confidence of investors .

对于将来的研究，我们应采用更适合于我国市场实情的检验方法，深入探讨上市公司的会计应计信息问题，以正确引导投资者的有效决策，进而促进我国证券市场的稳定、健康发展。

Our future research should adopt testing method of more suitable for our country , deeper research in the accruals , which leading investor make effective decision , promoting the steady and healthy development of our stock market .

在上市公司收购中，有效的保护中小股东权益，不仅能够保证公司的健康发展和广大投资者的投资热情，而且是证券资本市场稳定发展的关键。

During the purchasing , the effective protection of their interests could not only ensure the healthy development of the company and the enthusiasm of investors , but also is the key to stable development of the capital market .

基金对证券市场的稳定作用，主要是指基金一般是长期投资者，它们更看重中长期的投资收益，而不会为谣言所惑，博取一时之暴利，这在客观上有利于股市的稳定。

Because the investors of the fund lay a great emphasis on its medium-term and long-term investment yields , they will not be puzzled by rumors or strive to make fast buck , which favors the stability of the stock market .

然而大股东的这种行为不仅损害了上市公司的利益，也损害了其他利益相关者的利益，尤其是中小投资者的利益，甚至关乎整个证券市场的稳定。

However , the behavior of the major shareholders not only damaged the interests of the listed company , also harmed the interests of stakeholders , especially the interests of the small shareholders , even the stability of the stock market .

基金的申购和赎回，尤其是净赎回会影响基金的运作管理以及证券市场的稳定，因而研究基金净赎回的影响因素显得十分重要。

The purchase and redemption of the fund , especially the withdrawals could be destructive to the fund operation as well as the stability of the capital market . Thus studying the factors that affect the purchase and redemption behavior is crucial .

公司治理水平的高低，既影响着上市公司的经营绩效，也影响着公司的市场价值，也是证券市场健康稳定发展的重要因素，因此越来越多的学者加强了对公司治理的研究。

The level of corporate governance standards , not only affect the operating performance of listed companies , also affected the market value of the company . It is also one of the important facts that determine the healthy and stable development of the stock market .

这种状况不利于维护上市公司、上市公司中小股东及债权人的利益，影响了我国证券市场的稳定，危害了社会主义市场经济的健康发展。

This kind of condition does not favor in the benefit maintenance of the listed company and the young shareholder and creditor of the listed company and affects stability of stock market of our country and is harm to the healthy development of our socialist market economy .

财务舞弊已经成为全球化问题，严重影响了证券市场的健康稳定发展。

Financial fraud has become the global issue and has seriously affected the healthy and stable development of securities markets .

业绩预告制度的推行增强了信息披露的透明度和及时性，有利于证券市场秩序的稳定。

Earnings pre-annunciation system enhanced the transparence and timeliness of information disclosure , so it is conducive to the stability of the securities market .

我国通过法律控制信用交易中风险来保障证券市场高效、稳定、有序的发展。

The risk in credit trading is controled through legislation in our country , to ensure that the securities market grows effeciently , stably and orderly .

上市公司所披露的信息质量影响着投资者的判断和决策同时也关系着证券市场的健康稳定发展，所以本文对我国上市公司会计信息披露的质量以及价值相关性进行了研究。

The information quality of listed companies disclosure not only impact on the right economic decision-making but also the healthy and stable development of the market .

证券市场的行情不稳定。

Conditions on the stock-market were unsettled .

信息问题是决定证券市场运行效率是否稳定的关键问题。

The information is the main question that can decide if the efficiency for the stock market running is stable .

促进证券市场的健康、稳定发展，是发展证券投资基金的主要宗旨，我国证券投资基金的发展是否起到该作用，是本文研究的目的所在。

It is securities investment funds ' primary aim to help stock market to develop healthily and stably . Whether Chinese securities investment funds have done that is what this paper try to make sure .