Research Proposal 范文

n’t know how to make appropriate regulation, and investors didn’t know much about stock exchange, even high speculative activities also exist. To some extent, it was not a formal stock exchange. However, with time flied, the regulation changed as well. The first effective change was coming in 1992. In that year, because of some political reasons, the regulation changed and the stock prices rose up to 570 percent in three days. But at that time, the regulation was still limited. There is no formal law to lead the establishment of the regulation. The market was still immature. Meanwhile the volume of transactions was not as high as now. This is the first period of Shanghai Stock Exchange.

The second period came in 1997. Chinese Securities Regulation Commission began to charge Shanghai Stock Exchange in that year. So some formal laws and regulations could be instituted. This was an important year for Shanghai Stock Exchange.

Then 2001-2004 was also a significant change. After reached the highest point in 2001, the market began to decline. In order to handle with this recession, new regulation was established, it became more open, more formal and more mature.

In 2006, new regulation was instituted; it was more formal and with more details, and more suitable for the market situation in China.

Look back upon these 20 years, there were many changes in the regulation. It’s no doubt that the establishment of them is expected to make the market more stable and lower risk. So there should be some measures to evaluate if it worked.

In order to know whether the changes of regulation are positive or not, internal efficiency can be a factor. If the regulation placed on Shanghai Stock Exchange did increase its internal efficiency, it should be an appropriate one. There is much data can tell how it works.

Firstly, the volatility of the market can be a factor to react the stock exchange operate situation. Normally a poor stock exchange will have high volatility. When Shanghai Stock Exchange was established in 1990, the volatility is very high. Because at that time, there is no proper regulation, and investors just began to know the stock exchange, before that, they almost knew nothing about that. Poor regulation as well as lack of experiences both results in high risk and high volatility. From the survey data, there is a certain relationship between the regulation and the volatility.www.51lunwen.org It is believed that positive improvements in regulation may reduce the volatility. (Zhang, Dickonson and Barassi, 2005)

Secondly, compare with before is a good way to evaluate itself. As what mentioned before, the market performance of Shanghai stock exchange has improved a lot.

Thirdly, the risks for investors in a stock exchange also can be a measure to evaluate the regulations.

Conclusion
In conclusion, there are several factors can be used to compare the stock exchange internal efficiency. For example, the volatility of the market, the market value/performance and the risks for investors. It is important to evaluate how the regulation works and how it affects the efficiency. From the first Research Proposal 范文 research, after Shanghai Stock Exchange was established, it was separated into several different periods. In these different periods, the affects of regulation for internal efficiency are also different. It is interesting and important to investigate these data.