【摘要】 在总结相关文献的基础上,对流动性产生的机理进行了分析。在卖空限制约束条件下,从股票市场相变假说的角度,研究了股票市场投资人群的市场情绪与股票市场的流动性强弱之间的关系。结果表明,股票市场流动性的强弱是由股票市场上噪声交易者的市场情绪决定的。针对中国证券市场提出了一些政策性建议。更多还原

【Abstract】 Based on the foundation of making a summary of correlation document, the paper analysis mechanism of stock market liquidity. On the condition of short sales restriction of stock market and from the angle of phase transition hypothesis of stock market, the paper study the relation between stock market liquidity and intensity of investor crowd mood. The conclusion indicates that depth of stock market is created by the contagion mood of noise traders. Finally we put forward some policy suggestions about China securities market.更多还原