用卖空制度抑制过度投机

Inhibiting Over Speculation by the Bull Rule

股票市场的核心功能是优化资源配置。过度投机破坏了资源的基础——完全竞争的市场结构。卖空交易制度可以保证市场的完全竞争 ,实现资源的优化配置。

The major function of the stock exchange market is to better the assignment of sources.Over speculation spoils the foundation of sources, i.e.the all around competetive market system.However, the bull rule can assure the all around competition in the market and the realization of better assignment of sources.