论我国股票市场的投机

"投机"是指为获得远高于社会可靠收益率的收益、在决策依据不足、主观努力的方式和应对市场的手段十分有限的条件下实施的资金投入.衡量市场投机程度应从市场平均期望收益率、机构投资者和散户的数量比及有效调整频率三项指标综合分析判断.据此,我国股市存在过度投机且后果特殊,其导因是中国特有的收入和文化背景.改善投资者收入状况和进行文化创新是消除过度投机的根本所在.

On Speculation of Stock Market in our Country

Speculation is a capital investment for gaining higher profit than social reliable earnings,its strategy does not rely on the method of subjective efforts and under condition of limited market method.In order to judge the degree of market speculation,we should comprehensively analyse and determine three targets including the rate of average expected earnings,a proportion between speculator of organizations and individual speculators and valid adjusting freguency.According to this,in stock market of our country exist over speculation and special results which are caused by China's special incomes and cultural background.It is exxontial for us to improve income of speculators and to carry out innovation of culture.