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Bubble Measurement of China A-share Based on the Residual Income Model (RIM) and Discussion of Bubble Space under Efficient Market

Zhang Yu*

The academic community is increasingly concerned about the relationship between market efficiency and the stock market bubble. Although they are interrelated, these two concepts are opposite. To gain a better understanding of this issue, a Residual Income Model (RIM) as used to estimate the intrinsic value and stock bubble rate of A-shares from 2001 to 2019. The analysis revealed that the historical bubble rate of A-shares is characterized by high volatility and often reaches a higher bubble range. The long-term bubble in China's stock market can be attributed to over-optimism among the public and improper regulatory intervention by the government, which acts as both a referee and a player. This type of self-interested regulation can negatively impact the effective functioning of the stock market clearing mechanism.