實踐論文（工商管理）我國股市過度投機的現(xiàn)象分析以杭蕭鋼構(gòu)事件為例姓名專業(yè)工商管理指導(dǎo)老師二0一一年九月論文獨創(chuàng)性聲明本人聲明，所呈交的學(xué)位論文系在導(dǎo)師指導(dǎo)下獨立完成的研究成果。文中合法應(yīng)用他人的成果，均已做出明標注或得到許可。論文內(nèi)容未包含法律意義上已屬他人的任何形式的研究成果，也不包含本人已用于其他學(xué)位申請的論文或成果。本文如違反上述聲明，愿意承擔(dān)以下責(zé)任后果1交回學(xué)校授予的學(xué)士學(xué)位；2學(xué)?？稍谙嚓P(guān)媒體上對本人的行為進行通報；3本文按照學(xué)校規(guī)定的方式，對因不當(dāng)取得學(xué)位給學(xué)校造成的名譽損害，進行公開道歉；4本人負責(zé)因論文成果不實產(chǎn)生的法律糾紛。論文作者簽名日期20G20G20G51920G28G73880G20日A1A0I摘要本論文通過杭蕭鋼構(gòu)上市公司的案例分析，對股市過度投機的問題進行研究，股市過度投機的存在，扭曲了我國的資源配置，扭曲了市場功能，助長了“尋租”活動，擴大了收入差距，加劇了分配不均，嚴重制約了我國股票市場的健康發(fā)展，必須下大力氣加以解決。過度投機產(chǎn)生的主要原因有市場機制不成熟，上市公司質(zhì)量普遍不高，國有上市公司的股權(quán)結(jié)構(gòu)不合理，證監(jiān)會監(jiān)管不嚴等。要解決過度投機問題，必須改善市場環(huán)境，提高上市公司質(zhì)量，調(diào)整股市結(jié)構(gòu)，強調(diào)政府監(jiān)?！娟P(guān)鍵字】杭蕭鋼構(gòu)上市公司股市投機ABSTRACTIIABSTRACTINTHISPAPER,ALISTEDCOMPANYTHROUGHHANGXIAOSTEELCASEANALYSIS,THESTOCKMARKETTOSTUDYTHEPROBLEMOFEXCESSIVESPECULATION,THESTOCKMARKETTHEEXISTENCEOFEXCESSIVESPECULATION,DISTORTINGTHEALLOCATIONOFRESOURCESINCHINA,WHICHDISTORTSTHEFUNCTIONINGOFMARKETS,ENCOURAGING“RENTSEEKING“ACTIVITIES,EXPANDINGTHEINCOMEGAPEXACERBATEDTHEUNEQUALDISTRIBUTION,HASSERIOUSLYHAMPEREDTHEHEALTHYDEVELOPMENTOFCHINASSTOCKMARKET,WEMUSTMAKEGREATEFFORTSTOSOLVETHEMEXCESSIVESPECULATIONRESULTINGFROMTWOMAINREASONSTHEMARKETMECHANISMIMMATURE,QUALITYOFLISTEDCOMPANIESAREGENERALLYNOTHIGH,THESTATEOWNEDSHAREHOLDINGSTRUCTUREOFLISTEDCOMPANIESISUNREASONABLEFAILURETOEXERCISESTRICTSUPERVISIONOFTHESFCTOSOLVETHEPROBLEMOFEXCESSIVESPECULATION,WEMUSTIMPROVETHEMARKETENVIRONMENTANDIMPROVEQUALITYOFLISTEDCOMPANIES,ADJUSTTHEMARKETSTRUCTURE,ANDSTRESSEDTHATTHEGOVERNMENTMONITOR【KEYWORDS】HANGXIAOGANGCONSTRUCTS，LISTEDCOMPANIES，THESTOCKMARKETSPECULATEA3A2目錄摘要G265ABSTRACTG266緒論1一、我國股市過度投機的表現(xiàn)2A4A4A5A5A6A6A7A8A9A10A11A12A13A14A15A16A9A17A7A8A10A11A16A9A7A18A18A18A18A18A18A18A18A18A18A18A18A19A4A4A20A20A6A21A22A23A24A25A22A23A26A27A28A24A29A30A31A28A24A29A30A18A18A18A18A18A18A18A18A18A18A18A18A19A4A4A32A32A6A33A34A23A24A25A34A23A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A35二、過度投機對我國股市的危害4A4A4A5A5A6A36A37A16A38A39A40A38A39A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A20A20A6A36A37A33A42A43A44A37A33A42A43A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A32A32A6A45A46A47A47A48A49A48A49A48A50A51A52A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A53A53A6A54A55A56A39A57A58A55A56A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41三、我國股市過度投機的原因分析A18A18A18A18A18A18A18A185A4A4A5A5A6A33A42A59A60A61A62A63A64A65A63A60A61A63A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A67A68A68A69A69A70A70A71A72A73A74A75A76A77A78A79A80A71A72A74A75A71A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A81A68A68A82A82A70A83A61A61A71A72A73A74A84A85A86A87A79A88A89A71A72A87A79A71A72A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A81A68A68A90A90A70A91A92A93A92A94A79A95A92A93A92A94A95A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A96四、抑制股市過度投機的對策思考8A68A68A97A97A70A70A98A99A72A100A101A102A98A99A100A101A98A102A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A69A69A70A70A104A80A71A72A73A74A75A76A104A71A72A76A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A82A82A70A70A105A106A84A72A86A87A105A106A105A87A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A90A90A70A70A107A105A108A109A92A110A107A110A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A111結(jié)論10參考文獻11致謝12A112A1131緒論當(dāng)G1182G12050G1262，G11860G27G5192G1852G10711G18341G15713G9035G2892G1055后，G1852G1002G11040的G13941G5078G4613在G980G11464G3800于G20652位G10378G5589，G14551，其中G7380G3835的G13582G19531G1055G980G4613G7171G17819G5242G6249G7438G10628G16949G19762G5132G1017G18337。以上G5078公G2508G7489G14843G19062G7512為G1375G7380G17829G2334G1022G7388G17220G2195G5381于指G6980G16G26G17G25G27G8；G1186當(dāng)日G11436G19766G7481G11487，明日G4570G5827G5627G1926G20652。G17829G1972日下G17312G2159G5242G17247G13543；G16825G13941G17829期的G1039G2159成本為G26G17G25G24G1815，G13941G1227位于成本下方，已G7186G5381G2195；G2620G13459為上G9084G17247G2195，如不G17312G11784G256G24G17G28G24G1815G257不G14033G11842G16760G17247G2195G6209G17728。G14270G118620G20G20G5192G28G7388G28日，G7489G14843G19062G7512G13941G7447G17728G16765關(guān)G13864交G7143。G1186G13792得出，G13941G12092交G7143G4396在G5468G3835的G20130G19517G5627，也G1817G2010G16840明G5078G3342交G7143中的G6249G7438G10628G16949相當(dāng)?shù)腉1017G18337G701A114A115A116A117A118A119A120A121A122A123A124A125A1262一、我國股市過度投機的表現(xiàn)G6249G7438G4613G7171以G14731取G1227G5058G6922G11422為G11458的G13792進行的商G2709G451G13941G12092G12573的交G7143G8975G2172。G6249G7438應(yīng)G16825G2010成G1016G12193，G980G12193G7171G17878G5242G6249G7438，G980G12193G7171G17819G5242G6249G7438。對于G2081者，可以G1813許其G4396在，G1119實上G17837也G7171G980G12193G8503G5132的G6249資行為，理G5627的G6249資者G7171以利G11422為G11458的的，即使他G7171出于長期G6249資的G11458的買賣G13941G12092，但G1227G5058的波G2172同樣也G7171決定他買賣行為的G18337要因素，如果G17837G12193G6249G7438行為也要杜絕的話，那G13941G5078必定G7171G980潭死水，對于智謀G6249G7438，應(yīng)G8503G11842引導(dǎo)。G13792G17819G5242G6249G7438，G7171指G6249資者通G17819G980些G19762法手段。人為地操縱G13941G5078，牟取暴利。（一）股票價格嚴重背離投資價值以G7489G14843G19062G7512為G1375，G16825公G2508在2G7388G202日到3G7388中旬后經(jīng)歷了G200G1022連續(xù)G9084停板，此后G7489G14843G19062G7512G5242G17819的G7171G200天停牌期，接著迎G7481的G71714G73882日復(fù)牌，開G11436G1227為G203G17G283G1815。G17837天G7489G14843G19062G7512不僅沒有出G10628人們預(yù)期G1055中的G17312停，反G13792在開G11436后G28G2010鐘內(nèi)被巨量推上G9084停。4G73883日晚，G7489G14843G19062G7512發(fā)布了G980G1022G18337G3835工程中標公告，次日，G13941G1227以G203G17G283G1815的G1227格G3835幅G20652開，但僅僅交G7143G980G2010鐘后，G16825G13941G12092被突然停牌，G13792停牌G2081G7380后G980筆成交G1227為G203G17G28G1815，G7380G20652G203G17G28G26G1815，G7380低G203G17G25G24G1815，停牌時G203G17G280G1815，G9084幅G25G17G274。在其短短的G20G2010鐘交G7143時間里，成交量竟達G26G24G24G17G274萬G13941，成交G18341額G20652達G20G170G24億G1815，換手率G20652達G26G17G20G25G8，G5078G3342人士G16760為，如果不G7171上證所迅速叫停，G16825G13941G5468可G14033G1262再封G980G1022G9084停板。在復(fù)牌后的三G1022交G7143日里，G16825G13941累計上G90842G27，成交合計4G2000多萬G13941，換手率為3G28。公G2508G13941G1227連續(xù)G200G1022G9084停板，G9084幅G20652達G20G24G24G17G25G25，G20652達G2000多倍的G5078盈率。（二）換手率過高，交易過于頻繁中國證監(jiān)G1262G11842G16760，200G26G51922G7388G27日為G256安哥拉項G11458G257內(nèi)幕信息形成日。2G7388G27日至2G7388G204日為G256安哥拉項G11458G257內(nèi)幕信息的G1227格敏感期。200G26G51922G7388，時任G7489G14843G19062G7512證券辦副G1039任G451證券G1119務(wù)代表的羅G20652峰得悉G7489G14843G19062G7512公G2508與中基公G2508G8503在談判安哥拉合同，涉及G18341額300億G1815。G14270G2081G1972G5192的G13941民不斷的G19762法操縱G1186G13792使G13941G1227不斷的更替，G13792他們也G1186中G14731取相當(dāng)G3835的G6922G11422。G13941G12092換手率G17246G20652，A114A115A116A117A118A119A120A121A122A123A124A125A1263短期買賣G17246G20069G13333，G6249G7438G10628G16949G4613G17247G1017G18337。G15925量G13941G5078G6249G7438G5627G7380G5132用的指G19036G7171G13941G5078的換手率，即G5192G5242交G7143G5647額與G5191均G5078G1552G5647額G1055G8616。換手率G17246G20652表明G13941G12092的G5191均交G7143G20069率G17246G20652，也G4613G7171G13941G12092的G6357有期G17246短。（三）市盈率過高G5078盈率G17246G20652，G13941G5078G20130G19517G17246G3835G451G6249G7438G5627G4613G17246G5390，G13941G1227G4613G17246G7171G13984G12175其G17194以G6915G6757的經(jīng)G8994基G11796。G6117國G13941G12092G5078G3342的G5191均G5078盈率在G250倍以上，G17840G17840G3835于國G3818成G10099證券G5078G3342的G5191均G5078盈率，G1022G2047G13941G12092的G5078盈率竟然G17241G17819G2000倍以上。G17819G20652的G5078盈率，反G7156了G6249資者G17819G20652的G11462G11458G5627，反G7156出G5078G3342中G1817G7033著G7092理G5627的G9830作G8680G8687。A127A115A120A121A122A123A128A116A117A118A119A124A129A1304二、過度投機對我國股市的危害G13941G5078G17819G5242G6249G7438的G4396在，不僅G1262G19471G11873證券G5078G3342G1593G5259有G5219的成長，G13792G1000G1262G2058G13434G5078G3342G2282G6925G19773的進程，G1186G13792對G6984G1022國民經(jīng)G8994的發(fā)G4649造成損害。（一）扭曲資源配置G13941G12092G5078G3342的基本G2163G14033G1055G980G7171利用其G12621資G2163G14033G1431進資本合理G8981G2172，G6564G20652資G9316利用G6940率。但G7171G13941G12092G5078G3342G17819G5242G6249G7438的G4396在，G2376產(chǎn)生了資G9316G17882G18209G13634的G13479果。G980方G19766，G11013于交G7143G5078G3342G20652G6249G7438G5114G7481G20652G6922G11422，導(dǎo)G14280G12050G1262資G18341G1186G12050G1262經(jīng)G8994中的生產(chǎn)G8981通G12573實G17148G5627的G10627G14422進G1849G19762生產(chǎn)G5627的交G7143G5078G3342，G1186G13792造成實G17148G5627經(jīng)G8994G20058G3507資G18341短G13582G2656證券交G7143G5078G3342G9228資G17819G2109的G13479果。G2490G980方G19766，在G19762理G5627的G13941G12092G6249G7438中，G13941G12092G1227格G5460G5460G14085G12175其內(nèi)在G1227G1552，與G1237G1006經(jīng)G14841G14033G2159，產(chǎn)G2709G5078G3342G17878應(yīng)G14033G2159，G1237G1006在國民經(jīng)G8994中的地位作用G12573相G13984G12175。（二）扭曲市場功能G6117國G13941G12092G5078G3342G16786計者所G7512G5831的G13941G12092G5078G3342的G20330要G2163G14033G7171推G2172體G2058G6925G19773的G5078G3342G2282進程。利用G5078G3342G13434G7475G1431進G6940率低下G451管理G14865后的國有G1237G1006實G10628G7438G2058G17728G17724。但證券G5078G3342實G19481G17828行的G13479果，G1017G18337G6209G7366了G5078G3342G2163G14033。G11013于G20652G5242G6249G7438的交G7143G5078G3342G14033為G2419G3999G13941G6357有者G5114G7481G6980倍，G10990至G6980G2325倍于本G18341的G6922G11422，G1237G1006G1117G1820G5668后上G5078，工作的G18337G9869G6930在G1117取上G5078G13792不G7171G6925G2058上。G13792G980G7098上G5078以后，G13941G1227G11013于G6249G7438上G9084，G1237G1006G2460可以通G17819G13941G5078進行G3292G19077，G2460G6525G11434了G6925G2058不G5455G5225，管理G14865后G451G6940率低下的G8797G11144。G450（三）助長“尋租”活動G4559G12211在經(jīng)G8994學(xué)意義上指利用G3416斷資G9316G4559G8726G3416斷G12211G18341G11即G17241G17819其G7438G1262成本的額G3818G6922G11422G12的行為。G4559G12211G7171資G9316G18209G13634G5078G3342G2282進程被G6209G7366的G13479果，同時G2460G1262進G980G8505G6209G7366G17837G980進程。在證券G5078G3342上，G11013于G7447G2159資G9316的G3416斷G5627G11如G6221G1946上G5078的G7447利以及公G2508上G5078后G3292G19077的G7447G2159G12，在G17819G5242G6249G7438G6915G6757下的G20652G6922G11422G5194不與G20652G20130G19517相對G12228。于G7171證券G5078G3342中的G19077G7447交G7143G451違規(guī)操作G451損公G13945G12181G12573G4559G12211G8975G2172必然G11439行。（四）加劇分配不公證券G5078G3342G11013于其G20652G20130G19517本G7481G4613G1867有G6205G3835G6922G1849G5058G17329的作用，G13792G17819G5242G6249G7438G2460進G980G8505使G6922G1849G5058G17329的G6205G3835G2164速。在G6117國G6209G7366的G5078G3342G7477G1226下，G6922G1849G2010G18209G1867有G7447G2159G2010G18209的G10317G9869，使G6922G1849G2010G18209不公進G980G8505公開G2282G2656G6205G3835G2282。A131A115A116A117A118A119A120A121A122A123A124A132A133A134A1355三、我國股市過度投機的原因分析（一）市場缺乏有效制約機制G6117國沒有經(jīng)G17819資本G1039義商G2709經(jīng)G8994G19466段，G11464接G11013計G2022經(jīng)G8994進G1849G5078G3342經(jīng)G8994，G5078G3342G7438G2058發(fā)G4649不成G10099。計G2022經(jīng)G8994時期G17963留的G980些G2058G5242G451做法都不可避免地G1262對G13941G5078G17837G12193資本G1039義商G2709經(jīng)G8994G14270然發(fā)G4649的產(chǎn)物產(chǎn)生不利影響。G8616如國民經(jīng)G8994G5078G3342G2282程G5242低，信用基G11796薄G5381，G6249資G1039體殘G13582，G7438G7512G6249資者不足，G6249資者素G17148低，G13941G5078中介服務(wù)水G5191較低G451G13941G5078的G17828行G7438G2058G16786G13634不合理G12573，都G7171G13941G5078暴G9084暴G17312的隱患，也G16765G6249G7438者G2656內(nèi)幕交G7143G451G5078G3342操縱者有G7438可乘。G6117國G13941G12092G5078G3342職G14033定位出G10628偏G5058，更多地體G10628在為國有G1237G1006G14085困服務(wù)上。在此思G5831指導(dǎo)下，G6117國G13941G12092G5078G3342G17241G5132規(guī)發(fā)G4649，G17829G1972G5192，治理層為控G2058G13941G5078的G14422奏，更多地依靠對新G13941發(fā)行G14422奏的控G2058上，G3835多G6980G6249資者以此G7481判定治理層對當(dāng)G2081G13941G5078的G5589G5242G5194做出相應(yīng)的操作，引起G3835G11436相應(yīng)的G9084G17312波G2172。同時，有關(guān)專家G16760為G6205容G3835躍進，G17819G2010G5390調(diào)了G13941G5078的G15713資G2163G14033，導(dǎo)G14280新興G5078G3342G19466段G17819短?？梢訥16840G17837G200G5192除了政府G2656國有G1237G1006成G2163地G256G3292G257到了G1972千億資G18341以G3818，對G3835多G6980G6249資者G7481G16840，G17837G1022G5078G3342G1972乎沒有給他們?nèi)魏位貓?。（二）上市公司質(zhì)量普遍不高G6117國G13941G5078G7171國G1237G15713資需G8726G2656政府催生的產(chǎn)物，其G15713資G2163G14033受到G17819G2010關(guān)注，導(dǎo)G14280G6117國G13941G5078的G2163G14033定位G2656G13941G12092發(fā)行G2058G5242不合理。國有G1237G1006為上G5078G13792G6925G2058，G12621集資G18341G7171其G7380終G11458的，G6925G2058只G7171手段，G6925G2058后上G5078的公G2508經(jīng)G14841G7438G2058G5194未發(fā)生根本變G2282，在G5078G3342G7438G2058下，其經(jīng)G14841G1006績不佳G1972乎成了必然。G2490G980方G19766，G6117國G13941G5078退出G7438G2058不G1593G1852，G980G11464沒有G11842立G1017格的上G5078公G2508摘牌G2058G5242。G17837G4613造成G980些劣G17148公G2508的G13941G12092仍然上G5078G8981通，降低了G13941G5078的G6249資G1227G1552，G11784壞了G13941G5078信用G10627境，G19471G11873了G6117國G13941G5078的進G980G8505發(fā)G4649。1、上市公司信息披露不合理G11458G2081G6117國上G5078公G2508信息披露中G1039要G4396在以下G1016G3835類問題信息披露的G19762G1039G2172G5627與信息披露的虛假G5627。G11013于對信息的產(chǎn)生及其客觀G5627G451真實G5627G2656有G6940G5627G5468難預(yù)期，買賣雙方對G13941G12092G1227G1552的變G2282，判斷G4613G5468不G11842定；雙方信息的不對G12228G10378況G2325G2010容G7143引起G1227格操縱，導(dǎo)G14280G13941G12092G1227格的G1017G18337G6209G7366，G11013此造成證券G5078G3342上供A136A137A138A139A140A141A142A143A144A145A146A147A148A149A1506需雙方G3835量的G19762理G5627G6249G7438。G980方G19766G2164G3835了證券G5078G3342的G20130G19517，G2490G980方G19766G11464接損害了G6249資者的利G11422。以上G5078公G2508G7489G14843G19062G7512G7481G16840，G7489G14843G19062G7512在信息披露上明G7186G7171違規(guī)的。G1820G7171在2G7388G202日公G2508內(nèi)部G1262議上的信息泄密；接著G7171以不透明的形式公布344億G1815的G256天G1227訂單G257。G16825公G2508在4G73882日發(fā)布的澄清公告上G12228，公G2508G13941G1227異G2172與董G1119長講話G7092關(guān)G13864，公G2508不G4396在信息披露違規(guī)問題。但4G7388G24日發(fā)布的G18337G3835G1119項公告里G2460G12228，公G2508接到，G5468明G7186的G7489G14843G19062G7512在消息披露上不合理。2、上市公司盈利能力低下G13941G5078應(yīng)G16825G7171G14033夠為人們創(chuàng)造財富的，G6249資本身G4613應(yīng)G16825有G1016方G19766的G6922G11422G980G7171上G5078公G2508每G5192G2010派的紅利；G980G7171G13941G1227上升G5114G7481的資本G6922G11422。但G6117國上G5078公G2508G1817滿了G6922G11422或盈利偏低的G10628G16949，G256G980G5192優(yōu)，二G5192G5191，三G5192G5058G257好像G7171G6117國上G5078公G2508G17220不出的怪G3292。此G3818，中國G13941G5078的G13941息G6922G11422率要G7186著低于國G19481普遍水G5191。在當(dāng)G2081G1852G10711低利率的經(jīng)G8994G10627境中，美國G451歐洲G451日本G451G2164拿G3835G12573國家的G13941息率通G5132G1262G8616貨幣G5078G3342基G18341利率G20652出G20G8左右，G13792中國的G13941息率只略G20652于G8975期G4396款利率的0G17G262G8，G10990至不及三G1022G7388短期儲蓄利率G20G17G26G20G8的G980G2334。中國G13941G5078中的G10628G18341G13941息實G19481上只G1867有某G12193G16949征G5627的意義。G13941民G6249資的G5647額G71712萬億，回報率只有千G2010G1055G1972，G6922G11422竟然G3835G3835低于銀行儲蓄G6922G11422，毫G7092疑問，希望得到財富的G13941民實G19481上受到了剝削。在G17837G12193G10627境下，必然導(dǎo)G14280長G13459G6249資的減少，短G13459G6249G7438的增多。據(jù)對中G2419證券新鄉(xiāng)G14841G1006部G2000位G13941民的G19555G7438調(diào)G7609，G27G20人G17885G6333了G6249G7438G5627的波段G9830作，只有G20G28人G17885G6333了以G17153買績優(yōu)G13941或G6249資基G18341的長G13459G6249資。（三）國有上市公司股權(quán)結(jié)構(gòu)不合理上G5078公G2508G13941本G13479G7512G2010為國家G13941G451法人G13941G451G12050G1262公G1259G13941，G2356有2G7153G8616G18337的國家G13941G451法人G13941不上G5078G8981通。中國G13941G5078G11458G2081的G8981通G13941G8616G18337只有33G172G8G17G11013于G19762G8981通G13941G6980量巨G3835，G980G11464被G16282為中國G13941G5078的G5527G14157G1055患，G8958水G10479G1873。政府每G980次在國有G13941減G6357方G19766的G16809G6518G5627行為都G1262在G5078G3342G6484起G17725然G3835波，引發(fā)G5078G3342的巨幅下G17312?？梢訥16840，公G13941G708國有G13941G451法人G13941G709G8981通問題，已成為G6117國G13941G5078G7380G3835的系G13491G5627G20130G19517，G7171導(dǎo)G14280G6117國G13941G5078G17819G5242G6249G7438的根本G5627G2419因。如G1182，G6117國G13941G7447G2010G13634G6925G19773即G4570G11023上G3290滿的G2489G2507，中國G13941G7447G13479G7512G4570G17892G8505規(guī)G14551。A151A152A153A154A155A156A157A158A159A160A161A162A163A164A1657可以相信，G13941G7447G2010G13634G6925G19773完成G5194進G1849G1852G8981通后，可以G8616較好地G16311決G13941G7447G13479G7512不合理G451G13941G7447G5078G3342G17828作G20652G5242G2010G2118的問題，G5078G3342的資G9316G18209G13634G2163G14033G12573也G4570得到更好地體G10628。（四）證監(jiān)會監(jiān)管不嚴政府G451監(jiān)管部G19388對G13941G5078的G20069G13333G5190預(yù)調(diào)控，造成的政G12586G5627G20130G19517，G7171引發(fā)國G13941G5078G17819G5242G6249G7438的G2460G980G2419因。G1186G6228G7427上講，G11013于G12239G2172G5191均G13459對G13941G1227有G2173長G2656G2173G17312作用，再G2164G1055在G13941G5078中人們G17743G7143受G10627境的影響G13792形成G11462G11458G17331G20130的G256G13662G13688G6940應(yīng)G257，G5460G5460G1262導(dǎo)G14280G13941指G2656G13941G1227單G17805G19762理G5627G17220G2195，此時，為G6245G2058G5078G3342G20130G19517，G4613需要政府的G256有形G1055手G257對G5078G3342實G7057調(diào)控。以G7489G14843G19062G7512G1119G1226為G1375，按照證監(jiān)G1262有關(guān)人士的G16840法，G17837次監(jiān)管部G19388對G7489G14843G19062G7512G1119G1226的監(jiān)管G7171G2563G2172了G5567速反應(yīng)G7438G2058的。但G6249資者G11487到的G1119實G7171，監(jiān)管部G19388叫停G7489G14843G19062G7512G13941G12092的時G1517，G16825G13941G12092已連拉了G2325G1022G9084停板，G1820G11705G1820G16285的資G18341G3835G8022已開G3999G6776退了。不僅如此，4G73882日G7489G14843G19062G7512G13941G12092的復(fù)牌，更G7171體G10628了監(jiān)管部G19388監(jiān)管G14033G2159的不足。監(jiān)管部G19388對G7489G14843G19062G7512調(diào)G7609了G2325多天，G7380后G2376G7171G980G16340未發(fā)G4613G16765G16825公G2508的G13941G12092復(fù)牌了。G11013于當(dāng)天G7489G14843G19062G7512發(fā)布了G980G2029澄清公告，以至于G6249資者G16835G16760為G16825公G2508真的不G4396在問題了，于G7171G16825G13941G12092在4G73882日復(fù)牌后G2460G13499續(xù)G9084停。然G13792，到了4G73884日，監(jiān)管部G19388在G11436中叫停了G16825G13941G12092的交G7143，接著的公告G12228，要對G256涉G4256G4396在違法違規(guī)行為，進行立G7708調(diào)G7609G257，G16765G6249資者G7092所G17878G1186。G6117國G457證券法G458G12544G252G7477規(guī)定G256發(fā)生可G14033對上G5078公G2508G13941G12092交G7143G1227格產(chǎn)生較G3835影響，G13792G6249資者G4590未得G11705的G18337G3835G1119G1226時，上G5078公G2508應(yīng)當(dāng)立即G4570有關(guān)G16825G18337G3835G1119G1226的G5785況G2533國務(wù)G19510證券監(jiān)G11575管理G7438G7512G2656證券交G7143所G6564交G1032時報告G257。G7489G14843G19062G7512的行為G8503G7171違反了上述法律規(guī)定G2656證券G5078G3342的基本G2419G2029。A166A152A167A168A155A156A157A158A159A160A161A169A170A171A1728四、抑制股市過度投機的對策思考（一）改善市場環(huán)境G20330G1820，G6117國必G20047G17892G8505G6925G2904G13941G5078的生長G10627境，減少國家對G5078G3342的行政G5190預(yù)，G1817G2010發(fā)G6393G5078G3342本身的調(diào)控G2163G14033，G6238計G2022經(jīng)G8994的影響降到G7380低。其次，G16311決好G5078G3342管理體G2058與G17828行G7438G2058的G11695G11474。G17892G8505G6925變G11013證監(jiān)G1262G4469G6221G1972乎G980G2011創(chuàng)新形式的管理體G2058，G5326立起G11013證監(jiān)G1262管理基本行為規(guī)G2029，G11013交G7143所G2656G5078G3342中介G7438G7512G14270G1039進行G1867體的G8975G2172。G7380后，G8503G11842對G5465G6249資與G6249G7438，G16765二者相G17753相承。G6249資G7171G13941G5078的基G11796，為G13941G5078G6564供G12295定G5627G2656方G2533G5627；G17878G5242G6249G7438G1867有G13941G5078G1227格發(fā)G10628的G2163G14033，可以G1431進G13941G5078的G8981G2172G5627G2656G8975G2159，但G17819G5242G6249G7438G2376G1262G6212G1093G5078G3342。（二）提高上市公司質(zhì)量G20330G1820，通G17819國有G13941減G6357，G16765G12050G1262公G1259有G7447G17153買國有G13941，G6925變上G5078公G2508的G13941G7447G13479G7512。國有G13941減G6357后，增G2164了G11464接行使G13941G1008G7447G2159的G12050G1262公G1259G13941G1008，減少了國有G13941代理管理者，G1186G13792減G4579G256所有者G13582位G257G2656G256內(nèi)部人控G2058G257的影響，削G5381政府對G1237G1006的行政G5190預(yù)。其次，G6238好公G2508上G5078關(guān)，G2164G5390對G6323上G5078公G2508G1006績真實可靠G5627的G4469計，G13520合其G16814信G10378況及行G1006G2081G7235，進行G1017格G4469G7609，G6564G20652上G5078公G2508的G17148量。G7380后，完G2904上G5078公G2508的退出G7438G2058。G5390G2282G13941G5078退出G7438G2058，對于G13941G5078中已G1017G18337G1123損的上G5078公G2508，G2164G3835G18337G13464G2159G5242G451使其通G17819G18337G13464中G14731得生G7438，或者被G9132G8772出G4628，終G8502上G5078。（三）調(diào)整股市結(jié)構(gòu)調(diào)G6984G13941G5078G13479