自去年六月份以来,中国的股票市场出现了罕见的急速下跌走势,1514点的“政策底”再度被轻松跌破表明了一个信号,通过技术分析、基本面分析等方法对历史情况进行分析已经很难解释大盘的急挫行为。我们认为,对本轮大幅下跌的理解需要探讨其背后所隐含的中国证券市场发展过程中更深层次的问题。2001年以前股市:带有投机性泡沫的持续性局部均衡在2001年以前,中国股市一直处在持续性的短期局部均衡当中,其边界约束有二:一是封闭性的约束,股票市场排斥国外企业,甚 Since June last year, China’s stock market experienced a rare and rapid downward trend. The 1514-point “bottom of the policy” has once again been easily broken down to show a signal of historical events through technical analysis, fundamental analysis and other methods Analysis has been difficult to explain the broader market’s frustration. In our opinion, the understanding of this round of sharp decline requires exploring the underlying issues underlying the development of China’s securities market. Before 2001, the Stock Market: Persistent Partial Equilibrium with Speculative Bubbles Before 2001, China’s stock market had been in a persistent short-term partial equilibrium with two restrictions on its frontier: First, it was a closed one and the stock market excludes foreign countries Business, very