我国股市过度投机的现象分析——以杭萧钢构事件为例 毕业论文

实践论文（工商管理）我国股市过度投机的现象分析以杭萧钢构事件为例姓名专业工商管理指导老师二0一一年九月论文独创性声明本人声明，所呈交的学位论文系在导师指导下独立完成的研究成果。文中合法应用他人的成果，均已做出明标注或得到许可。论文内容未包含法律意义上已属他人的任何形式的研究成果，也不包含本人已用于其他学位申请的论文或成果。本文如违反上述声明，愿意承担以下责任后果1交回学校授予的学士学位；2学校可在相关媒体上对本人的行为进行通报；3本文按照学校规定的方式，对因不当取得学位给学校造成的名誉损害，进行公开道歉；4本人负责因论文成果不实产生的法律纠纷。论文作者签名日期20G20G20G51920G28G73880G20日A1A0I摘要本论文通过杭萧钢构上市公司的案例分析，对股市过度投机的问题进行研究，股市过度投机的存在，扭曲了我国的资源配置，扭曲了市场功能，助长了“寻租”活动，扩大了收入差距，加剧了分配不均，严重制约了我国股票市场的健康发展，必须下大力气加以解决。过度投机产生的主要原因有市场机制不成熟，上市公司质量普遍不高，国有上市公司的股权结构不合理，证监会监管不严等。要解决过度投机问题，必须改善市场环境，提高上市公司质量，调整股市结构，强调政府监。【关键字】杭萧钢构上市公司股市投机ABSTRACTIIABSTRACTINTHISPAPER,ALISTEDCOMPANYTHROUGHHANGXIAOSTEELCASEANALYSIS,THESTOCKMARKETTOSTUDYTHEPROBLEMOFEXCESSIVESPECULATION,THESTOCKMARKETTHEEXISTENCEOFEXCESSIVESPECULATION,DISTORTINGTHEALLOCATIONOFRESOURCESINCHINA,WHICHDISTORTSTHEFUNCTIONINGOFMARKETS,ENCOURAGING“RENTSEEKING“ACTIVITIES,EXPANDINGTHEINCOMEGAPEXACERBATEDTHEUNEQUALDISTRIBUTION,HASSERIOUSLYHAMPEREDTHEHEALTHYDEVELOPMENTOFCHINASSTOCKMARKET,WEMUSTMAKEGREATEFFORTSTOSOLVETHEMEXCESSIVESPECULATIONRESULTINGFROMTWOMAINREASONSTHEMARKETMECHANISMIMMATURE,QUALITYOFLISTEDCOMPANIESAREGENERALLYNOTHIGH,THESTATEOWNEDSHAREHOLDINGSTRUCTUREOFLISTEDCOMPANIESISUNREASONABLEFAILURETOEXERCISESTRICTSUPERVISIONOFTHESFCTOSOLVETHEPROBLEMOFEXCESSIVESPECULATION,WEMUSTIMPROVETHEMARKETENVIRONMENTANDIMPROVEQUALITYOFLISTEDCOMPANIES,ADJUSTTHEMARKETSTRUCTURE,ANDSTRESSEDTHATTHEGOVERNMENTMONITOR【KEYWORDS】HANGXIAOGANGCONSTRUCTS，LISTEDCOMPANIES，THESTOCKMARKETSPECULATEA3A2目录摘要G265ABSTRACTG266绪论1一、我国股市过度投机的表现2A4A4A5A5A6A6A7A8A9A10A11A12A13A14A15A16A9A17A7A8A10A11A16A9A7A18A18A18A18A18A18A18A18A18A18A18A18A19A4A4A20A20A6A21A22A23A24A25A22A23A26A27A28A24A29A30A31A28A24A29A30A18A18A18A18A18A18A18A18A18A18A18A18A19A4A4A32A32A6A33A34A23A24A25A34A23A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A35二、过度投机对我国股市的危害4A4A4A5A5A6A36A37A16A38A39A40A38A39A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A20A20A6A36A37A33A42A43A44A37A33A42A43A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A32A32A6A45A46A47A47A48A49A48A49A48A50A51A52A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41A4A4A53A53A6A54A55A56A39A57A58A55A56A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A18A41三、我国股市过度投机的原因分析A18A18A18A18A18A18A18A185A4A4A5A5A6A33A42A59A60A61A62A63A64A65A63A60A61A63A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A67A68A68A69A69A70A70A71A72A73A74A75A76A77A78A79A80A71A72A74A75A71A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A81A68A68A82A82A70A83A61A61A71A72A73A74A84A85A86A87A79A88A89A71A72A87A79A71A72A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A81A68A68A90A90A70A91A92A93A92A94A79A95A92A93A92A94A95A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A96四、抑制股市过度投机的对策思考8A68A68A97A97A70A70A98A99A72A100A101A102A98A99A100A101A98A102A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A69A69A70A70A104A80A71A72A73A74A75A76A104A71A72A76A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A82A82A70A70A105A106A84A72A86A87A105A106A105A87A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A103A68A68A90A90A70A70A107A105A108A109A92A110A107A110A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A66A111结论10参考文献11致谢12A112A1131绪论当G1182G12050G1262，G11860G27G5192G1852G10711G18341G15713G9035G2892G1055后，G1852G1002G11040的G13941G5078G4613在G980G11464G3800于G20652位G10378G5589，G14551，其中G7380G3835的G13582G19531G1055G980G4613G7171G17819G5242G6249G7438G10628G16949G19762G5132G1017G18337。以上G5078公G2508G7489G14843G19062G7512为G1375G7380G17829G2334G1022G7388G17220G2195G5381于指G6980G16G26G17G25G27G8；G1186当日G11436G19766G7481G11487，明日G4570G5827G5627G1926G20652。G17829G1972日下G17312G2159G5242G17247G13543；G16825G13941G17829期的G1039G2159成本为G26G17G25G24G1815，G13941G1227位于成本下方，已G7186G5381G2195；G2620G13459为上G9084G17247G2195，如不G17312G11784G256G24G17G28G24G1815G257不G14033G11842G16760G17247G2195G6209G17728。G14270G118620G20G20G5192G28G7388G28日，G7489G14843G19062G7512G13941G7447G17728G16765关G13864交G7143。G1186G13792得出，G13941G12092交G7143G4396在G5468G3835的G20130G19517G5627，也G1817G2010G16840明G5078G3342交G7143中的G6249G7438G10628G16949相当的G1017G18337G701A114A115A116A117A118A119A120A121A122A123A124A125A1262一、我国股市过度投机的表现G6249G7438G4613G7171以G14731取G1227G5058G6922G11422为G11458的G13792进行的商G2709G451G13941G12092G12573的交G7143G8975G2172。G6249G7438应G16825G2010成G1016G12193，G980G12193G7171G17878G5242G6249G7438，G980G12193G7171G17819G5242G6249G7438。对于G2081者，可以G1813许其G4396在，G1119实上G17837也G7171G980G12193G8503G5132的G6249资行为，理G5627的G6249资者G7171以利G11422为G11458的的，即使他G7171出于长期G6249资的G11458的买卖G13941G12092，但G1227G5058的波G2172同样也G7171决定他买卖行为的G18337要因素，如果G17837G12193G6249G7438行为也要杜绝的话，那G13941G5078必定G7171G980潭死水，对于智谋G6249G7438，应G8503G11842引导。G13792G17819G5242G6249G7438，G7171指G6249资者通G17819G980些G19762法手段。人为地操纵G13941G5078，牟取暴利。（一）股票价格严重背离投资价值以G7489G14843G19062G7512为G1375，G16825公G2508在2G7388G202日到3G7388中旬后经历了G200G1022连续G9084停板，此后G7489G14843G19062G7512G5242G17819的G7171G200天停牌期，接着迎G7481的G71714G73882日复牌，开G11436G1227为G203G17G283G1815。G17837天G7489G14843G19062G7512不仅没有出G10628人们预期G1055中的G17312停，反G13792在开G11436后G28G2010钟内被巨量推上G9084停。4G73883日晚，G7489G14843G19062G7512发布了G980G1022G18337G3835工程中标公告，次日，G13941G1227以G203G17G283G1815的G1227格G3835幅G20652开，但仅仅交G7143G980G2010钟后，G16825G13941G12092被突然停牌，G13792停牌G2081G7380后G980笔成交G1227为G203G17G28G1815，G7380G20652G203G17G28G26G1815，G7380低G203G17G25G24G1815，停牌时G203G17G280G1815，G9084幅G25G17G274。在其短短的G20G2010钟交G7143时间里，成交量竟达G26G24G24G17G274万G13941，成交G18341额G20652达G20G170G24亿G1815，换手率G20652达G26G17G20G25G8，G5078G3342人士G16760为，如果不G7171上证所迅速叫停，G16825G13941G5468可G14033G1262再封G980G1022G9084停板。在复牌后的三G1022交G7143日里，G16825G13941累计上G90842G27，成交合计4G2000多万G13941，换手率为3G28。公G2508G13941G1227连续G200G1022G9084停板，G9084幅G20652达G20G24G24G17G25G25，G20652达G2000多倍的G5078盈率。（二）换手率过高，交易过于频繁中国证监G1262G11842G16760，200G26G51922G7388G27日为G256安哥拉项G11458G257内幕信息形成日。2G7388G27日至2G7388G204日为G256安哥拉项G11458G257内幕信息的G1227格敏感期。200G26G51922G7388，时任G7489G14843G19062G7512证券办副G1039任G451证券G1119务代表的罗G20652峰得悉G7489G14843G19062G7512公G2508与中基公G2508G8503在谈判安哥拉合同，涉及G18341额300亿G1815。G14270G2081G1972G5192的G13941民不断的G19762法操纵G1186G13792使G13941G1227不断的更替，G13792他们也G1186中G14731取相当G3835的G6922G11422。G13941G12092换手率G17246G20652，A114A115A116A117A118A119A120A121A122A123A124A125A1263短期买卖G17246G20069G13333，G6249G7438G10628G16949G4613G17247G1017G18337。G15925量G13941G5078G6249G7438G5627G7380G5132用的指G19036G7171G13941G5078的换手率，即G5192G5242交G7143G5647额与G5191均G5078G1552G5647额G1055G8616。换手率G17246G20652表明G13941G12092的G5191均交G7143G20069率G17246G20652，也G4613G7171G13941G12092的G6357有期G17246短。（三）市盈率过高G5078盈率G17246G20652，G13941G5078G20130G19517G17246G3835G451G6249G7438G5627G4613G17246G5390，G13941G1227G4613G17246G7171G13984G12175其G17194以G6915G6757的经G8994基G11796。G6117国G13941G12092G5078G3342的G5191均G5078盈率在G250倍以上，G17840G17840G3835于国G3818成G10099证券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资者G17819G20652的G11462G11458G5627，反G7156出G5078G3342中G1817G7033着G7092理G5627的G9830作G8680G8687。A127A115A120A121A122A123A128A116A117A118A119A124A129A1304二、过度投机对我国股市的危害G13941G5078G17819G5242G6249G7438的G4396在，不仅G1262G19471G11873证券G5078G3342G1593G5259有G5219的成长，G13792G1000G1262G2058G13434G5078G3342G2282G6925G19773的进程，G1186G13792对G6984G1022国民经G8994的发G4649造成损害。（一）扭曲资源配置G13941G12092G5078G3342的基本G2163G14033G1055G980G7171利用其G12621资G2163G14033G1431进资本合理G8981G2172，G6564G20652资G9316利用G6940率。但G7171G13941G12092G5078G3342G17819G5242G6249G7438的G4396在，G2376产生了资G9316G17882G18209G13634的G13479果。G980方G19766，G11013于交G7143G5078G3342G20652G6249G7438G5114G7481G20652G6922G11422，导G14280G12050G1262资G18341G1186G12050G1262经G8994中的生产G8981通G12573实G17148G5627的G10627G14422进G1849G19762生产G5627的交G7143G5078G3342，G1186G13792造成实G17148G5627经G8994G20058G3507资G18341短G13582G2656证券交G7143G5078G3342G9228资G17819G2109的G13479果。G2490G980方G19766，在G19762理G5627的G13941G12092G6249G7438中，G13941G12092G1227格G5460G5460G14085G12175其内在G1227G1552，与G1237G1006经G14841G14033G2159，产G2709G5078G3342G17878应G14033G2159，G1237G1006在国民经G8994中的地位作用G12573相G13984G12175。（二）扭曲市场功能G6117国G13941G12092G5078G3342G16786计者所G7512G5831的G13941G12092G5078G3342的G20330要G2163G14033G7171推G2172体G2058G6925G19773的G5078G3342G2282进程。利用G5078G3342G13434G7475G1431进G6940率低下G451管理G14865后的国有G1237G1006实G10628G7438G2058G17728G17724。但证券G5078G3342实G19481G17828行的G13479果，G1017G18337G6209G7366了G5078G3342G2163G14033。G11013于G20652G5242G6249G7438的交G7143G5078G3342G14033为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进行G3292G19077，G2460G6525G11434了G6925G2058不G5455G5225，管理G14865后G451G6940率低下的G8797G11144。G450（三）助长“寻租”活动G4559G12211在经G8994学意义上指利用G3416断资G9316G4559G8726G3416断G12211G18341G11即G17241G17819其G7438G1262成本的额G3818G6922G11422G12的行为。G4559G12211G7171资G9316G18209G13634G5078G3342G2282进程被G6209G7366的G13479果，同时G2460G1262进G980G8505G6209G7366G17837G980进程。在证券G5078G3342上，G11013于G7447G2159资G9316的G3416断G5627G11如G6221G1946上G5078的G7447利以及公G2508上G5078后G3292G19077的G7447G2159G12，在G17819G5242G6249G7438G6915G6757下的G20652G6922G11422G5194不与G20652G20130G19517相对G12228。于G7171证券G5078G3342中的G19077G7447交G7143G451违规操作G451损公G13945G12181G12573G4559G12211G8975G2172必然G11439行。（四）加剧分配不公证券G5078G3342G11013于其G20652G20130G19517本G7481G4613G1867有G6205G3835G6922G1849G5058G17329的作用，G13792G17819G5242G6249G7438G2460进G980G8505使G6922G1849G5058G17329的G6205G3835G2164速。在G6117国G6209G7366的G5078G3342G7477G1226下，G6922G1849G2010G18209G1867有G7447G2159G2010G18209的G10317G9869，使G6922G1849G2010G18209不公进G980G8505公开G2282G2656G6205G3835G2282。A131A115A116A117A118A119A120A121A122A123A124A132A133A134A1355三、我国股市过度投机的原因分析（一）市场缺乏有效制约机制G6117国没有经G17819资本G1039义商G2709经G8994G19466段，G11464接G11013计G2022经G8994进G1849G5078G3342经G8994，G5078G3342G7438G2058发G4649不成G10099。计G2022经G8994时期G17963留的G980些G2058G5242G451做法都不可避免地G1262对G13941G5078G17837G12193资本G1039义商G2709经G8994G14270然发G4649的产物产生不利影响。G8616如国民经G8994G5078G3342G2282程G5242低，信用基G11796薄G5381，G6249资G1039体残G13582，G7438G7512G6249资者不足，G6249资者素G17148低，G13941G5078中介服务水G5191较低G451G13941G5078的G17828行G7438G2058G16786G13634不合理G12573，都G7171G13941G5078暴G9084暴G17312的隐患，也G16765G6249G7438者G2656内幕交G7143G451G5078G3342操纵者有G7438可乘。G6117国G13941G12092G5078G3342职G14033定位出G10628偏G5058，更多地体G10628在为国有G1237G1006G14085困服务上。在此思G5831指导下，G6117国G13941G12092G5078G3342G17241G5132规发G4649，G17829G1972G5192，治理层为控G2058G13941G5078的G14422奏，更多地依靠对新G13941发行G14422奏的控G2058上，G3835多G6980G6249资者以此G7481判定治理层对当G2081G13941G5078的G5589G5242G5194做出相应的操作，引起G3835G11436相应的G9084G17312波G2172。同时，有关专家G16760为G6205容G3835跃进，G17819G2010G5390调了G13941G5078的G15713资G2163G14033，导G14280新兴G5078G3342G19466段G17819短。可以G16840G17837G200G5192除了政府G2656国有G1237G1006成G2163地G256G3292G257到了G1972千亿资G18341以G3818，对G3835多G6980G6249资者G7481G16840，G17837G1022G5078G3342G1972乎没有给他们任何回报。（二）上市公司质量普遍不高G6117国G13941G5078G7171国G1237G15713资需G8726G2656政府催生的产物，其G15713资G2163G14033受到G17819G2010关注，导G14280G6117国G13941G5078的G2163G14033定位G2656G13941G12092发行G2058G5242不合理。国有G1237G1006为上G5078G13792G6925G2058，G12621集资G18341G7171其G7380终G11458的，G6925G2058只G7171手段，G6925G2058后上G5078的公G2508经G14841G7438G2058G5194未发生根本变G2282，在G5078G3342G7438G2058下，其经G14841G1006绩不佳G1972乎成了必然。G2490G980方G19766，G6117国G13941G5078退出G7438G2058不G1593G1852，G980G11464没有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资G1227G1552，G11784坏了G13941G5078信用G10627境，G19471G11873了G6117国G13941G5078的进G980G8505发G4649。1、上市公司信息披露不合理G11458G2081G6117国上G5078公G2508信息披露中G1039要G4396在以下G1016G3835类问题信息披露的G19762G1039G2172G5627与信息披露的虚假G5627。G11013于对信息的产生及其客观G5627G451真实G5627G2656有G6940G5627G5468难预期，买卖双方对G13941G12092G1227G1552的变G2282，判断G4613G5468不G11842定；双方信息的不对G12228G10378况G2325G2010容G7143引起G1227格操纵，导G14280G13941G12092G1227格的G1017G18337G6209G7366，G11013此造成证券G5078G3342上供A136A137A138A139A140A141A142A143A144A145A146A147A148A149A1506需双方G3835量的G19762理G5627G6249G7438。G980方G19766G2164G3835了证券G5078G3342的G20130G19517，G2490G980方G19766G11464接损害了G6249资者的利G11422。以上G5078公G2508G7489G14843G19062G7512G7481G16840，G7489G14843G19062G7512在信息披露上明G7186G7171违规的。G1820G7171在2G7388G202日公G2508内部G1262议上的信息泄密；接着G7171以不透明的形式公布344亿G1815的G256天G1227订单G257。G16825公G2508在4G73882日发布的澄清公告上G12228，公G2508G13941G1227异G2172与董G1119长讲话G7092关G13864，公G2508不G4396在信息披露违规问题。但4G7388G24日发布的G18337G3835G1119项公告里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应G16825G7171G14033够为人们创造财富的，G6249资本身G4613应G16825有G1016方G19766的G6922G11422G980G7171上G5078公G2508每G5192G2010派的红利；G980G7171G13941G1227上升G5114G7481的资本G6922G11422。但G6117国上G5078公G2508G1817满了G6922G11422或盈利偏低的G10628G16949，G256G980G5192优，二G5192G5191，三G5192G5058G257好像G7171G6117国上G5078公G2508G17220不出的怪G3292。此G3818，中国G13941G5078的G13941息G6922G11422率要G7186著低于国G19481普遍水G5191。在当G2081G1852G10711低利率的经G8994G10627境中，美国G451欧洲G451日本G451G2164拿G3835G12573国家的G13941息率通G5132G1262G8616货币G5078G3342基G18341利率G20652出G20G8左右，G13792中国的G13941息率只略G20652于G8975期G4396款利率的0G17G262G8，G10990至不及三G1022G7388短期储蓄利率G20G17G26G20G8的G980G2334。中国G13941G5078中的G10628G18341G13941息实G19481上只G1867有某G12193G16949征G5627的意义。G13941民G6249资的G5647额G71712万亿，回报率只有千G2010G1055G1972，G6922G11422竟然G3835G3835低于银行储蓄G6922G11422，毫G7092疑问，希望得到财富的G13941民实G19481上受到了剥削。在G17837G12193G10627境下，必然导G14280长G13459G6249资的减少，短G13459G6249G7438的增多。据对中G2419证券新乡G14841G1006部G2000位G13941民的G19555G7438调G7609，G27G20人G17885G6333了G6249G7438G5627的波段G9830作，只有G20G28人G17885G6333了以G17153买绩优G13941或G6249资基G18341的长G13459G6249资。（三）国有上市公司股权结构不合理上G5078公G2508G13941本G13479G7512G2010为国家G13941G451法人G13941G451G12050G1262公G1259G13941，G2356有2G7153G8616G18337的国家G13941G451法人G13941不上G5078G8981通。中国G13941G5078G11458G2081的G8981通G13941G8616G18337只有33G172G8G17G11013于G19762G8981通G13941G6980量巨G3835，G980G11464被G16282为中国G13941G5078的G5527G14157G1055患，G8958水G10479G1873。政府每G980次在国有G13941减G6357方G19766的G16809G6518G5627行为都G1262在G5078G3342G6484起G17725然G3835波，引发G5078G3342的巨幅下G17312。可以G16840，公G13941G708国有G13941G451法人G13941G709G8981通问题，已成为G6117国G13941G5078G7380G3835的系G13491G5627G20130G19517，G7171导G14280G6117国G13941G5078G17819G5242G6249G7438的根本G5627G2419因。如G1182，G6117国G13941G7447G2010G13634G6925G19773即G4570G11023上G3290满的G2489G2507，中国G13941G7447G13479G7512G4570G17892G8505规G14551。A151A152A153A154A155A156A157A158A159A160A161A162A163A164A1657可以相信，G13941G7447G2010G13634G6925G19773完成G5194进G1849G1852G8981通后，可以G8616较好地G16311决G13941G7447G13479G7512不合理G451G13941G7447G5078G3342G17828作G20652G5242G2010G2118的问题，G5078G3342的资G9316G18209G13634G2163G14033G12573也G4570得到更好地体G10628。（四）证监会监管不严政府G451监管部G19388对G13941G5078的G20069G13333G5190预调控，造成的政G12586G5627G20130G19517，G7171引发国G13941G5078G17819G5242G6249G7438的G2460G980G2419因。G1186G6228G7427上讲，G11013于G12239G2172G5191均G13459对G13941G1227有G2173长G2656G2173G17312作用，再G2164G1055在G13941G5078中人们G17743G7143受G10627境的影响G13792形成G11462G11458G17331G20130的G256G13662G13688G6940应G257，G5460G5460G1262导G14280G13941指G2656G13941G1227单G17805G19762理G5627G17220G2195，此时，为G6245G2058G5078G3342G20130G19517，G4613需要政府的G256有形G1055手G257对G5078G3342实G7057调控。以G7489G14843G19062G7512G1119G1226为G1375，按照证监G1262有关人士的G16840法，G17837次监管部G19388对G7489G14843G19062G7512G1119G1226的监管G7171G2563G2172了G5567速反应G7438G2058的。但G6249资者G11487到的G1119实G7171，监管部G19388叫停G7489G14843G19062G7512G13941G12092的时G1517，G16825G13941G12092已连拉了G2325G1022G9084停板，G1820G11705G1820G16285的资G18341G3835G8022已开G3999G6776退了。不仅如此，4G73882日G7489G14843G19062G7512G13941G12092的复牌，更G7171体G10628了监管部G19388监管G14033G2159的不足。监管部G19388对G7489G14843G19062G7512调G7609了G2325多天，G7380后G2376G7171G980G16340未发G4613G16765G16825公G2508的G13941G12092复牌了。G11013于当天G7489G14843G19062G7512发布了G980G2029澄清公告，以至于G6249资者G16835G16760为G16825公G2508真的不G4396在问题了，于G7171G16825G13941G12092在4G73882日复牌后G2460G13499续G9084停。然G13792，到了4G73884日，监管部G19388在G11436中叫停了G16825G13941G12092的交G7143，接着的公告G12228，要对G256涉G4256G4396在违法违规行为，进行立G7708调G7609G257，G16765G6249资者G7092所G17878G1186。G6117国G457证券法G458G12544G252G7477规定G256发生可G14033对上G5078公G2508G13941G12092交G7143G1227格产生较G3835影响，G13792G6249资者G4590未得G11705的G18337G3835G1119G1226时，上G5078公G2508应当立即G4570有关G16825G18337G3835G1119G1226的G5785况G2533国务G19510证券监G11575管理G7438G7512G2656证券交G7143所G6564交G1032时报告G257。G7489G14843G19062G7512的行为G8503G7171违反了上述法律规定G2656证券G5078G3342的基本G2419G2029。A166A152A167A168A155A156A157A158A159A160A161A169A170A171A1728四、抑制股市过度投机的对策思考（一）改善市场环境G20330G1820，G6117国必G20047G17892G8505G6925G2904G13941G5078的生长G10627境，减少国家对G5078G3342的行政G5190预，G1817G2010发G6393G5078G3342本身的调控G2163G14033，G6238计G2022经G8994的影响降到G7380低。其次，G16311决好G5078G3342管理体G2058与G17828行G7438G2058的G11695G11474。G17892G8505G6925变G11013证监G1262G4469G6221G1972乎G980G2011创新形式的管理体G2058，G5326立起G11013证监G1262管理基本行为规G2029，G11013交G7143所G2656G5078G3342中介G7438G7512G14270G1039进行G1867体的G8975G2172。G7380后，G8503G11842对G5465G6249资与G6249G7438，G16765二者相G17753相承。G6249资G7171G13941G5078的基G11796，为G13941G5078G6564供G12295定G5627G2656方G2533G5627；G17878G5242G6249G7438G1867有G13941G5078G1227格发G10628的G2163G14033，可以G1431进G13941G5078的G8981G2172G5627G2656G8975G2159，但G17819G5242G6249G7438G2376G1262G6212G1093G5078G3342。（二）提高上市公司质量G20330G1820，通G17819国有G13941减G6357，G16765G12050G1262公G1259有G7447G17153买国有G13941，G6925变上G5078公G2508的G13941G7447G13479G7512。国有G13941减G6357后，增G2164了G11464接行使G13941G1008G7447G2159的G12050G1262公G1259G13941G1008，减少了国有G13941代理管理者，G1186G13792减G4579G256所有者G13582位G257G2656G256内部人控G2058G257的影响，削G5381政府对G1237G1006的行政G5190预。其次，G6238好公G2508上G5078关，G2164G5390对G6323上G5078公G2508G1006绩真实可靠G5627的G4469计，G13520合其G16814信G10378况及行G1006G2081G7235，进行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，对于G13941G5078中已G1017G18337G1123损的上G5078公G2508，G2164G3835G18337G13464G2159G5242G451使其通G17819G18337G13464中G14731得生G7438，或者被G9132G8772出G4628，终G8502上G5078。（三）调整股市结构调G6984G13941G5078G13479