CAJ | 학술논문

在中国股票上市交易的二十多年中，不管是机构投资者，还是中小散户投资者，非理性投资现象十分突出，国家政策对股市交易能产生助涨助跌的决定性作用；投资者购买股票把“有故事”的题材股作为最重要的选股标准；小盘股最受投资者看好，股价可一飞冲天。中国股市投资者非理性的投资现象，必然催生中国股市交易暴涨也会暴跌，也带给我们一些启示。
재중국고표상시교역적이십다년중，불관시궤구투자자，환시중소산호투자자，비이성투자현상십분돌출，국가정책대고시교역능산생조창조질적결정성작용；투자자구매고표파“유고사”적제재고작위최중요적선고표준；소반고최수투자자간호，고개가일비충천。중국고시투자자비이성적투자현상，필연최생중국고시교역폭창야회폭질，야대급아문일사계시。
Adstract:In the twenty years of the Chinese stock market,a predominant phenomenon seen in an investor without ex-ception,whether he is an institutional investor or just an individual medium - small investor,is irrational investment.The state policy plays a decisive role which can help produce a rise or a fall in the market.The investors have regarded it a golden rule whether a stock has a story or not in their selection of stocks;the shallow bid is to their greatest liking for its price might skyrocket.The irrational investment on the part of the Chinese stockholders will unavoidably bring forth a steep rise or slump in the market,which also sheds some enlightenment for making decision in dealing with the trade.