论A股市场“泡沫”

On China's A-Share Market Bubbles

经济"泡沫"是一个与投资机会成本相联系的范畴,其主要特征表现为股价在短时间内迅猛上涨、各类人员非理性入市、股市剧烈波动。对于中国A股市场的"泡沫",不仅可以界定其内涵,也可以通过将股市的真正收益率与全社会资金平均收益率的比较衡量其"泡沫"程度。今后几年内,中国股市的"泡沫"还将继续增加,要防止股市"泡沫"破灭带来的危害,尤其是要防止国际游资对中国A股市场的冲击。

Economic bubbles are related to investment opportunity cost and characterized mainly by stock prices soaring in a short period of time, stock traders buying shares without good reason, and the stock market fluctuating drastically. China＇s A-share market bubbles can be defined and their degree can be judged by comparing the actual earnings from the stock markets with the average earnings of capital in society as a whole. In the next few years, China＇s stock market bubbles will continue to increase, so it is essential to prevent them from bursting to avoid damages and it is particularly important to prevent international hot money from doing harm to China＇s A-share market.