For example , the market is not standard , we lack hedging tools , the law is not perfect , supervision is not enough , structure of investors is not reasonable , and the quality of listing companies is not good , and so on 法规不健全及市场监管不力使得我国的证券市场投机性很强，风险大：违规资金在证券市场上兴风作浪，一些机构操纵股票、大肆炒作，上市公司屡作假账，市场信息不对称。 4 、上市公司质量不高。
But no one could have successfully predicted just when the euro would appreciate , or that it would first fall to almost 80 cents , although the pattern of momentum in the short run and mean reversion in the long run is a common feature of speculative markets 然而，尽管短期动量型态与长期回归平均趋势是`所有投机性市场的?个共同特征，但没有人曾成功预知欧元何时升值，或者预见欧元兑美元汇率会先跌至近80美分的水平。
All sorts of studies indicate that our stock market is in a course of transition from an invalid market to a little valid market . because the corporations on the stock market do n ' t have good quality , it is difficult for the investors to hold shares for long - term invest 各种研究表明我国股票市场处于从无效市场到弱有效市场的过渡阶段，上市公司的低质量及信息披露不完善，投资者很难为长期投资而持有股票，投机性非常明显。
As one important constituent of the chinese securities business , the shanghai stock market , which has officially started business since december 1990 , attracted the academic circles and the investment attention by its large - scale undulation , frequent vibration and highly speculation 作为中国证券市场的重要组成部分，上海股票市场自1990年12月正式开业以来，以大幅度的波动、频繁的振荡和高度的投机性引起学术界和投资界的关注。
One is that there are many speculators in the market and they have controlled the market ; the other is that the quantity of speculators is small , and the market is dominated by the public anticipation . using the model of supply - demand , we conclude the law of the fluctuation of price 最主要的是,针对购房者,提高了房贷利率,严厉的税收措施对投机性的购房需求打击甚大;针对开发商,进一步明确了土地征用方面的规定,加强了银行信贷方面的风险控制。
Then define the stock market bubbles . at last , we analysis the relationship between speculative activities and stock market bubbles . we make a conclusion that since the speculation in stock market is not intrinsically stabilizing , speculative bubbles may persist for extended periods of time 接着从市场内部机制出发探讨了投机与泡沫之间的关系，结论是：股票市场的投机活股票市场泡沫研究动具有内在不稳定性，因此在一定时期内会存在投机性泡沫。
Chapter 1 introduces keynes ' s thought ; chapter 2 analyzes galbraith ' s view ; chapter 3 summarizes shiller ' s idea ; chapter 4 examines the latest development of tsm - - behavior finance ; chapter 5 compares and contrasts their thoughts ; chapter 6 tries analyzing chinese stock market in a new way 文章论述主要围绕凯恩斯，加尔布雷斯和席勒展开，对他们的投机性市场思想进行了分析、比较，并对其最新发展? ?行为金融理论的主要思想做了较为详细的介绍。
Holding a large proportion , the current stock has prevented the stockers who hold the current stock to participate in controlling the corporation . so instead of caring the corporation " s achievements and its long - run development , they would only care about the exchange of their shares to make profit from the price difference , therefore the foam from speculation will be blew bigger and bigger 居高不下的非流通股阻止了流通股股东参与对公司的控制，也就不会在意公司业绩和长远发展，而只是着眼于股票的换手，追求价差收益，投机性泡沫越吹越大。
Model analysis shows that relaxation of the control of investment capital will increase the unfavorable balance of international payments and the correcting difficulty of the excess commodity supply in the market at home ; relaxation of speculative capital control will increase the correcting difficulty for outer unbalance ; under the springy exchange rate system , the action of fair mechanism of interest rate will make the economic shock of the international market interest rate increase with the decrease of the capital control system , thus the over regulation of exchange rate will easily happen 模型分析显示：投资性资本管制放松会增大国际收支逆差和国内商品市场超额供给的矫正难度，投机性资本管制放松会增大外部失衡的矫正难度；弹性汇率制下，利率平价机制作用使国际市场利率变化的经济冲击随资本管制度降低而增强，更易发生汇率超调。
There is not well defined corporate bond market so far in our country . so this paper follows the guideline of the construction of the corporate bond market and tries to find out the optimal financial ecological system for corporate bond market with referal to current situation of the foreign corporate bond market 在我国股票市场发展不规范、投机性太强、虚假信息弥漫的条件下,在银行部门贷款质量差、不良贷款比例过高的情况下,加速发展我国的公司债券市场显得非常必要和紧迫。
