CAJ | 학술논문

从股票市场的微观层面入手，研究了股权分置改革后筹资额、大小非解禁和减持量以及货币供应量对股价的影响。研究结果表明，股票收益率同时受到筹资额、大小非解禁和减持量、货币供应量的影响，但主要影响因素是大非的减持量和货币供应量，并且它们对收益率的影响均为正向影响。同时，以上因素对股票收益率都会造成不同程度的冲击。短期内，除大非解禁量和小非减持量造成的冲击趋于收敛外，其他因素冲击较大，并且没有收敛的趋势。
종고표시장적미관층면입수，연구료고권분치개혁후주자액、대소비해금화감지량이급화폐공응량대고개적영향。연구결과표명，고표수익솔동시수도주자액、대소비해금화감지량、화폐공응량적영향，단주요영향인소시대비적감지량화화폐공응량，병차타문대수익솔적영향균위정향영향。동시，이상인소대고표수익솔도회조성불동정도적충격。단기내，제대비해금량화소비감지량조성적충격추우수렴외，기타인소충격교대，병차몰유수렴적추세。
From the microscopic aspect of stock market, this paper studies the impact of the amount of capital raised, the a- mount of lifting the ban and reduction in non-tradable shares, and the money supply upon stock prices after the split-share re- form. The empirical analysis indicates that the stock yield is simultaneously influenced by capital raised, the amount of lifting the ban and reduction in non-tradable shares, and the money supply, but mainly influenced by the reduction in ＂big＂ non-tradable shares accounting for over 5% and the money supply, with both their impacts positively correlated with the yield rate. Mean- while, these factors can impact the stock returns in different sizes. In addition to the ban-lifting ＂big＂ and ＂small＂ non-tradable shares and reduction the impact of which ultimately tend to converge around, other factors impact relatively large, and there is no trend of convergence.