健康的股市需要投资者的理性参与

The Investors' Rational Participant Is the Foundation for the Healthy Stock Market

近来中国股市暴涨暴跌引起了股市震荡与投资者的恐慌。关于中国股市暴涨暴跌的原因存在各种观点,既有"做空论",又有"外资阴谋论",也有基础性原因即前期暴涨引起泡沫论。笔者认为,中国投资者过度投机心态与非理性行为才是出现暴涨暴跌的主要原因。不少股民与机构投资者入市目的是"一夜暴富",并抱有无风险套利心态,这种入市目的决定了投资者的赌徒心理与投机行为,从而造成股市的大起大落与剧烈震荡。要改变这种非理性乱象,既要完善股市法规,加强监管,惩治非法套利与操纵行为,更要从提高投资者自身素质抓起,普及股市投资知识,教育和引导广大投资者理性投资,戒除过度投机行为,树立市场信心,理性参与。

Recently,the rapid ups and downs in China＇s stock market leads to the fluctuation of this market and the panic of investors. There are so many different opinions on the causes for that,namely the opinion of＂short selling＂,＂the conspiracy of foreign capital＂,and＂bubble brought by previous rapid ups＂. The authors believe that the main causes are Chinese investors＇ undue speculation and irrational behaviors. The purpose of some individual and institutional investors to invest in this market is to realize being rich overnight and risk- free arbitrage,which determines their gambling and speculative behaviors and leads to the rapid ups and downs in this market. To change that,we should not only perfect the related regulations,strengthen supervision and punish the illegal behaviors,but also improve the investors＇ quality,provide more education.