The above problems adding most of the inventors now are small investors and their whole quality is not so high , which caused thick speculation climate in market , big rise and big fall of the stock price 这些问题的存在,使证券市场的基础很不稳定,主要表现为整个市场投机气氛浓厚,股票价格大起大落。
Stock market foam means the stock price exceeds the standard supported by its inside value and the uncontinuous increase of stock price is not brought by the real value and the basic information , which reflects the speculation on the stock market . karl marx expatiated the basic theory of the dummy capital 股市泡沫指股价超过了有内在价值支持的水平，股价的非持续性增长不是由真实的价值和基本面信息带来的，其反映了市场投机成分。
In a domestic and short - time aspect , investment institutions are regarded as the source of speculation ; in a contrary aspest , they ' re the chief part of the ripe market . with the specializational institution , the securities market becomes the barometer of economics 从国内短期效应来看，机构投资者被看作是市场投机的始作俑者，往往是管理层监管和查处的主要对象；而从世界长期效应来看，机构投资者是成熟资本市场的重要构成部分。
Holding operation is a highly efficient and economical way to run a business . however , it often exposures the problems like ill variation of corporate governance , vast increase of market speculation , impairment of the minor shareholders or other stakeholders and so forth when the holding company exert its rights over subsidiaries 控股经营具有高效、经济的优点，但在控股公司对其子公司行使控股权的过程中，却暴露出易于导致公司治理结构异化、加剧市场投机、损害子公司小股东和债权人利益等诸多问题。
Fifthly , with the financial econometrics , especially the duration analyses and lsv testing technology , it systematically and empirically analyses the speculative bubbles and herding behavior in china ' s securities market , which makes it different from other qualitative and quantitative home researches 第五，采用金融计量经济学工具，尤其是近年来发展起来的持续期分析和lsv检验技术，对中国证券市场投机泡沫和羊群行为进行实证分析和系统研究，有别于国内其它定性和定量研究的文献。
Firstly , the institutional environment and difficulty of soe reform are recurred . secondly , based on one simulative model of soe reorganization , the paper analyzes the origin of double - orbit circulation and points out it can be regarded as " same shares with different rights " , which brings out profound effect to the whole performance structure of security market 第三章首先回顾了国企改制的制度环境和难点所在，然后从一个模拟模型出发，由特殊到一般地分析了流通双轨制的由来，以及这一“同股不同权”的改制思路对证券市场整个绩效结构带来的深远影响，部分地涉及到了市场投机问题、发行市场寻租问题、股权融资偏好问题。
However , the air of speculation is thick in the current security market in china , that is , it is weaker for a large number of investors to recognize the importance of financial statement analysis in security investment . it is not only because the chinese security market is not ripe and perfect , but also because the investors too emphasize on utilizing the methods of technical analysis in security investment 然而，现时中国证券市场投机气氛甚浓，财务报表分析与证券投资仅存在弱相关性，即广大投资者在证券投资中对财务报表分析的重要性认识普遍存在弱化现象，这不仅是由于中国证券市场不成熟、不完善造成的，广大投资者在证券投资中过于偏重于运用技术分析方法也有很大的关系。
