CAJ | 학술논문

股票市场的投机资本产生于社会游资，投机是为了赚取短期的价差，合理合法合规的投机行为提高了股票市场的活力，但合法投机如果投机过量，会变成过度投机从而造成泡沫经济，扰乱金融市场的秩序。因此，识别并了解过度投机行为具有重要意义。文章基于东方财富网2005年至2013年的龙虎榜数据，用R语言软件分析中国股票市场投机资本的分布、规模、选股策略，分析股票市场上投机资本的运作情况，为抑制过度投机提供了更加具体的依据。
고표시장적투궤자본산생우사회유자，투궤시위료잠취단기적개차，합리합법합규적투궤행위제고료고표시장적활력，단합법투궤여과투궤과량，회변성과도투궤종이조성포말경제，우란금융시장적질서。인차，식별병료해과도투궤행위구유중요의의。문장기우동방재부망2005년지2013년적룡호방수거，용R어언연건분석중국고표시장투궤자본적분포、규모、선고책략，분석고표시장상투궤자본적운작정황，위억제과도투궤제공료경가구체적의거。
The vitality of the market can be improved by moderately speculative behavior, but over speculative behavior will lead to market shocks and thus destroy the market order, even arouse social turmoil. The first step to handle over speculative behavior is to know more about the speculative capital in the market. The paper investigated the scales, geographic distributions, stock--picking strategies and returns of speculative capital in Chinese stock market using billboard data from website of Eastmoney and Wind data set over 2005-2013 period.