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首页> 外文会议>The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)论文集 >Frangibility of Shanghai Security Exchange for A shares——Empirical Analysis based on Minsky's Financial Instability Hypothesis
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Frangibility of Shanghai Security Exchange for A shares——Empirical Analysis based on Minsky's Financial Instability Hypothesis

机译：上海证券交易所A股脆弱性-基于明斯基金融不稳定假说的经验分析

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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.
机译：当明斯基提出金融不稳定假设时，他将经济单位分为三类，分别标记为对冲，投机和庞氏金融。三者之间的权重分布决定了金融体系的脆弱程度。根据明斯基的说法，A股市场的不稳定性主要由投机和庞氏融资机构的权重所决定。在明斯基框架下，2006年上海证券50指数A股46家上市样本公司中，对冲金融部门，投机部门的比例分别为50％-67％和33％-50％，后者存在资本缺口。 ，并且没有庞氏金融机构。在财务方面，46个实体中有50％缺乏偿还2006年到期债务的能力，其中20％尚未偿还实际上已到期的债务。这些经验数据表明，上海证券交易所的A股存在脆弱性。

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