过度投机

• By the discussion of the " marketing ration " , the formulating principles of new stock price in the future circulating transitional period , and the conditions of changing " checking system " to " registry system " , it emphasizes the marketing construction of new stock issuing system ; it emphasizes the use of marketing methods in order to improve the supply - demand relations , and balance the excessive speculation ; it emphasizes the importance of market measure in counteracting excessive speculation by effectively improving the supply - demand relation , the importance of regulating and raising the action ability of the market main body , the necessity of governmental funtion transformation and the completion of management structure in listed companies
  论文最后探讨了研究新股短期价格行为对中国证券市场发展的启示。通过对当前“市值配售” 、未来全流通过渡中新股发行价的制定原则以及实行“核准制”向“注册制”转变的条件的讨论，强调新股发行制度改革的市场化建设；强调利用市场化手段，平衡过度投机行为，有效改善供求关系；强调规范和提高各市场主体的行为能力，切实解决政府职能转换、上市公司治理结构完善等问题。
• Though speculation could make the stock market run well , it is a damage to stock market and even the whole economic system when speculation is exceeded . the degree of the speculation could be weighed by using three indexes which are portfolio turnover rate , variance of share price index and price - earning ratio , we found out that the speculation is exceeded in the stock marker of our country , but it hasn " t accumulate too much risk due to the direct control of government
  投机是股票市场良好运行的“润滑剂” ，但过度的投机却会给证券市场乃至整个经济运行带来损害。股票市场投机是否过度主要由股票换手率、股指波幅以及市盈率三个指标来衡量，通过分析，发现我国股票市场存在过度投机的现象，但由于政府的直接干预，整个市场并未累积起很高的风险。
• It points out that the significance of the debate consists not only in shedding light on problems that have accumulated in the development of the stock markets , but in awakening the vigilance of the investing public , giving vigorous impetus to the regulatory efforts on the part of stock markets watchdog
  同时，还剖析了股票市场亟需解决的定位问题、过度投机问题、监管不力问题和国有股“一股独大”问题，指出这些问题的深层原因在于政府的金融抑制行为，出路是“市场替代政府” 。
• The fundamental cause of exceeded speculation consists in three aspects . firstly , the especial configuration of share rights in our stock market cause that the embodiment of the control character of security is incomplete , which make the benefit disjunctive between the stockholder who hold the shares that can trade - off open in the stock market and those who hold the shares that cannot trade - off open . secondly , the unsuitability role of government cause that the stock market become the policy market , and result in the hidden hypothecation of government to corporation
  我国股票市场过度投机的最根本根源在于：一、我国股票市场特殊的股权结构，使得股票的支配证券性质不能体现，造成流通股东和非流通股东利益分隔的局面；二、政府对股市不适当的角色定位，使得我国股市成为“政策市” ，造成对企业的隐性担保格局。
• To maintain a sound and stable financial order in a closely intertwined global economy , it is imperative for countries to work to improve there financial system , policies and supervision , to strengthen both regional and international financial cooperation and jointly ward off excessive speculation by international hot money
  在各国经济联系日益密切的条件下，保持健康稳定的金融形势，需要各国在完善金融的体制、政策和监管上进行努力，需要加强国际和地区的金融合作，需要共同防范国际游资过度投机。
• With over ten years ’ development , china ’ s securities market has become an important and burgeoning one with a considerable scale and active trade volume . but , in comparison with the developed financial market , china ’ s financial system and market structure has not been perfect yet , especially , china ’ s present securities market still adopts long position mechanism . the mechanism is bound to emerge accumulative cost effect
  我国证券市场经过十多年的发展，现已形成具有一定规模且交易活跃的重要新兴市场，然而，与发达的金融市场相比，我国的金融体系与金融市场结构还很不完备，尤其是我国证券市场目前仍采用单边做多机制，这种机制必然会使股票市场价格产生累积成本效应，累积成本效应又必然导致证券市场的过度投机，致使金融风险以指数型速度快速聚集，股市危机成为不可避免的现实。
• Although current tax policies have some functions in getting fiscal income , regulating securities market , restraining speculation and mitigating the unfair income distribution , they fall behind the prosperous securities market . the securities tax system is not an integrated system , for many regulations are made under the pressure of the situation as temporary countenneasures
  现行的税制建设和税收政策虽然在取得财政收入、调节证券市场、抑制过度投机和缓解收入分配不公方面发挥了一定的作用，但总体来看，与我国欣欣向荣的证券市场相比，证券市场税制建设明显落后，证券税制没有形成完整的体系，许多规定是在实践催促下出台，可操作性差。
• Along with the recent continuous exposal of big financial faking problems of some listed companies and share price manipulating cases , and with the graveness of excess stock market speculation and bubble phenomenon from day to day , the discussion on the problems of validity of china security markets for the last few years only exits in some small range research literature of related science publications which has become " great arguments on share markets " laid in the highest authority of chinese economists at the beginning of this century
  随着近年来上市公司重大财务虚假与股价操纵案的不断曝光及市场过度投机和泡沫现象的日趋严重，关于中国证券市场有效性问题的讨论，终于从过去几年中散见于有关学术刊物的一些小范围研究文献，演变成世纪之初在中国经济学界最权威层面上的一场“股市大辩论” 。
• This article anatomizes the formation mechanism from certain aspects such as excessive speculation . the limitation of customer expectation , the development of real estate market , the perfection of the financial system , on the base of parsing the connotation of real estate bubble , pointing out specially that the most direct reason for real estate hobble is the over speculation which is significant to understanding , keeping away from and controlling real estate bubble
  摘要本文在解析房地产泡沫内涵的基础上，从投机、消费者预期有限性、房地产市场发育、金融体制完善性等方面对房地产泡沫的形成进行了剖析，特别指出过度投机导致的地价飞涨是房地产泡沫产生的最直接原因，建立了房地产投机泡沫的测度模型。