对我国证券投资者投资行为的思考

本文认为，中国A股市场中的各个角色，为股价操纵提供了主观上的可能性；股市周围环境和条件为股价操纵提供了客观上的可能性；而投资机构在资金、技术、人才、信息等方面的优势，以及收益与成本和风险的极不对称性使操纵股价成为可能和必然。股票市场要清除操纵行为不但要靠自身市场的完善，更要看我国市场经济体制改革的进程。

Some Ideas on Investment Action of Stock Investor in China

This paper puts forward the various p arts that A -stock plays provide a possibility of manipulating stock prices in terms of subjectivity and s tock market environment and conditi ons provide a possibility in view of o bjec-tivity.Moreover,the extreme inappropriateness between profits,capi tals and adventures,plus the advant ages over finance,technique,human resource s and information of investment organization make stock price manipulation natural and possible.