Do Government Interventions Affect China's Stock Market? Case Study - Analysis Of The Asset Bubble In 2015-2016

• Autorzy: Tomasz Bieliński , Magdalena Markiewicz , Magdalena Mosionek-Schweda

Warianty tytułu

Wpływ działań rządu na chiński rynek giełdowy - studium przypadku wydarzeń z lat 2015-2016

• Języki publikacji: EN

Abstrakty

EN

The aim of the paper is to evaluate the effects of the intervention of the Chinese government undertaken during the 2015-2016 crisis on the Shanghai Stock Exchange (SSI). The following research hypothesis was set up: in the long run, both the initial efforts of the Chinese authorities to drive individual investors to invest in stock exchanges along with the interventions launched by the government to stop the market falls were not relevant to stock valuation. The study results have proven that in the analysed time monetary authorities, as well as government and regulatory bodies, generated many decisions and announcements which were expected to influence the behaviour of the stock exchange investors. In short term it created artificially market anomalies, observed between the Q4 2014 and Q1 2016. The interventions interfered with the long term growth trend of SSI index, however did not shift this trend and after interventions ended it was apparently ongoing and not disturbed until 2017(original abstract)

Celem niniejszego artykułu jest ocena efektów interwencji podejmowanych przez władze Chin na Szanghajskiej Giełdzie Papierów Wartościowych w okresie kryzysu giełdowego z lat 2015-2016. Weryfikacji poddano następującą hipotezę badawczą: działania chińskich władz zmierzające do skłonienia inwestorów do zwiększenia aktywności na giełdzie oraz powstrzymania spadków indeksów giełdowych, w długim okresie nie przyniosły oczekiwanych rezultatów. Przeprowadzone analizy pozwoliły na pozytywną weryfikację powyższej hipotezy. W badanym okresie instytucje odpowiedzialne za funkcjonowanie rynku kapitałowego w Chinach podejmowały wiele interwencji, które w krótkim okresie skutkowały znacznymi wzrostami indeksów giełdowych, jednakże w długim okresie sytuacja na giełdzie w Szanghaju wracała do długoterminowego trendu(abstrakt oryginalny)

Słowa kluczowe

EN

Stock market; Shares; Interventionism; Investment

PL

Giełda papierów wartościowych; Akcje; Interwencjonizm; Inwestycje

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2017
• Numer: nr 486 The Development Challenges of Asia-Pacific Countries
• Strony: 217--227

Twórcy

autor

Tomasz Bieliński

• University of Gdansk, Poland

autor

Magdalena Markiewicz

• University of Gdansk, Poland

autor

Magdalena Mosionek-Schweda

• University of Gdansk, Poland

Bibliografia

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Identyfikatory

DOI

10.15611/pn.2017.486.18