我国证券市场高投机性的思想根源——源于证券投资分析教材的问题

China security market high investment speculativeness's ideological roots——problem from security investment analysis teaching material

本文从分析证券投资分析教材的问题入手,对我国证券市场高投机性的思想根源做一点探讨。通过与本杰明·格雷厄姆的证券分析理论比较,发现我国证券投资分析教材存在以下容易引发投机的思想混乱:进入了习惯性认识误区,未能抓住投资与投机的本质区别,不重视对两者的区分;没有分清投资的证券"估值"策略与投机的市场"预测"策略,及投资的"择股"、"持股"方法与投机的"择时"交易方法的区别;把投机分析法当成投资分析法,即把进行市场分析的技术分析法与经济前景预测法用于投资分析,并对其高度评价,大力推介。需要纠正这些错误,改建教材。

In this article we discuss the ideological root of the high speculative securities market in our country through the analysis of the securities investment analysis teaching material.A comparison between Benjamin graham＇s value investment theory classic and our securities investment analysis materials show some thought chaos lead to speculation from the latter： failed to seize the essential difference between investment and speculation;do not distinguish investment strategy from speculation strategy,and investment method from speculation method;take speculative analysis as investment analysis,namely technical analysis and economic prospect forecast method be used for investment analysis.We should correct these errors by reconstructing teaching materials.