国际金融专业我国股市非理性繁荣研究.doc

摘 要 自1991年起设立沪深证券交易所以来,我国现代化的股票市场从无到有、从小到大,不断发展壮大,交易制度和相关法律法规不断完善,发展时间之短,发展速度之快让世人瞠目。但是也应该看到,与世界发达国家相比,我国股票市场还很不成熟,市场效率相对低下,自我平衡和自我调节的能力弱，稳定性差，股价容易暴涨暴跌，市盈率高,这些缺陷固然有我国股票市场发展时间不长，制度不够完善，理财投资方式不全面的原因，也有着我国股票投资者普遍缺乏专业分析理念，投资能力不强，心理素质易受股票市场剧烈波动的原因，更有着受我国国情制度缺陷，存在着大量投机者利用黑幕信息，集中资金优势操控股票市场波动，损害公众利益，这些缺陷削弱了股市筹集资金，宏观调控，合理配置资源，价格发现的功能，阻碍了股市的进一步发展，为引发金融危机埋下了隐患, 本文试图通过分析这些现状及其成因，研究中国非理性繁荣的根本所在，找出改善对策。 [关键词] 股市 现状 成因 对策 Abstrack Since 1991, shenzhen stock exchange since set up, Chinas modernization from the stock market, since the childhood, the constant development and expansion, trading system and related laws and regulations, improve the development of the short time, development speed fast dazzle the world. But should also see, compared with developed countries, Chinas stock market is not mature, market efficiency, low relative balance itself and self adjusting ability is weak, poor stability, share price rises and falls easily, high p/e ratio, and these defects weakened stock market to raise money, macro control, reasonable allocation of resources, stock investors in China also has a general lack of professional analysis idea, investment ability is not strong, the psychological quality is susceptible to stock market volatile reasons, with Chinas national conditions more by institutional defects, there is a lot of shady decision-making information, focus on speculators fund superiority stock manipulation market volatility, damage the public interest these defects are Chinese stock market development time is not long, system are not perfect, financial management mode of investment is not comprehensive reasons the price discovery function, hindered the further development of the stock market, and trigger a financial crisis buried the hidden trouble, this paper, through analyzing its present situation and causes, china the fundamentality of irrational exuberance and find out the improving measures. [key words] the stock market situation causes countermeasures 目 录 一 我国股