The Bubble in Chinese Stock Markets in the Perspective of Diamond Economic System

摘要：

This paper analyzes the direct reason for a bubble in Chinese stock market in the perspective of Diamond economy system.Relevant research results well documented the Chinese stock market bubbles.This paper elaborates the Overlapping-Generations (OLG) model and analyzes the direct reason with the OLG model.The direct reason is the return of the bubble capital is higher than the profit of physical assets.At last,this paper empirically tests the bubble of the Chinese stock market from January,2004 to September,2007,and the result shows that bubbles exist on the Chinese stock markets.This paper also analyzes the actual situation of the low yield of the physical assets.So we conclude that the direct reason for the existence of bubbles in the Chinese stock markets is the co-existence of the low return of the physical assets and the high yield of the stock capital.

关键词： Diamond economic system bubble in Chinese stock market direct reason

作者: Wanhua Qiu Beishang Liu Meng Zhao

作者单位: School of Economics and Management,Beihang University,Beijing 100083

会议类型: 国际会议

会议名称: The 2008 International Conference on Business Intelligence and Financial Engineering(BIFE 2008)(商业智能和金融工程国际会议)

会议地点: 长沙

会议语种:英文

页码: 44-50

在线出版日期: 2008-10-28（万方平台首次上网日期，不代表论文的发表时间）