CAJ | 학술논문

已有的事后评价标准主要通过政策出台前后市场超额收益变化来判断,而鲜有对政策出台前后市场波动率的判断,由于降低股市波动率是我国政府监管政策的一个主要目标,本文还对政策出台前后的股市波动率进行了评价。我们的分析表明：如果仅仅使用事件研究法,容易使人认为我国政府的监管政策是有效的,而事实上,这一结论恰恰表明我国股市的政策市特征;而从本文三次事件前后波动率计算结果可以看出,我国政府股市稳定目标并没有实现。
이유적사후평개표준주요통과정책출태전후시장초액수익변화래판단,이선유대정책출태전후시장파동솔적판단,유우강저고시파동솔시아국 정부감관정책적일개주요목표,본문환대정책출태전후적고시파동솔진행료평개。아문적분석표명：여과부부사용사건연구법,용역사인인위아국정부적감관정책시유효적,이사실상,저일결론흡흡표명아국고시적정책시특정;이종본문삼차사건전후파동솔계산결과가이간출,아국정부고시은정목 표병몰유실현。
The existing benchmarks that decide whether a policy is effective were almost based on the ex- post abnormal returns, and they all didn＇ t analyze the effect of the policy on the volatility of stock. There- fore, this article will analyze these two effects. Our results show that only using the event study, we will ob- tain that Chinese policy on the stock market is effective. However, ff the volatility is also considered, we will find that Chinese government doesn＇ t achieve the goal that stabilize Chinese stock market.