Frangibility of Shanghai Security Exchange for A shares——Empirical Analysis based on Minskys Financial Instability Hypothesis
When Minsky developed the financial instability hypotheses, he classified economic units into three categories which are labeled as hedge, speculative, and Ponzi finance. The weight distribution among the three determines the degree of fragibility in financial system. According to Minsky, the instability of the stock market for A shares is dominated by the weight of speculative, and Ponzi financing units. Under the Minskyian framework, among 46 listed sample companies in Shanghai Security 50 Index for A shares, the proportions of hedge financial units, speculative units wererespectively 50％-67％ and 33％-50％ in 2006, with the latter having a capital gap, and there were no Ponzi financial units. In a financial aspect, 50％ out of 46 entities were lack of the ability to repay debts matured in 2006, and 20％ out of them had not repaid actually the debts matured. These empirical data meant that there was fragibility in Shanghai Security Exchange for A shares.
Financial instability hypotheses Hedge financing units Speculative financing units Ponzi financing units
DING Qilin
School of Economics,Changsha University of Science & Technology,Hunan Province,410083,P.R.China,410076
国际会议
The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)
杭州
英文
519-524
2008-05-18（万方平台首次上网日期，不代表论文的发表时间）