近些年,随着我国社会经济的飞速发展,证券市场出现了前所未有的繁荣。越来越多的企业和个人参与到了股市投资之中。但在股市繁荣的背后,却存在着大量的股市泡沫,使整体股市隐藏较大的泡沫破裂风险。现简要分析日本股市泡沫破裂前的特征,进而分析其对我国A股产生的启示。 In recent years, with the rapid development of social economy in our country, the stock market has witnessed unprecedented prosperity. More and more businesses and individuals are involved in the stock market. However, behind the prosperity of the stock market, there are still a large number of stock market bubbles, hiding the overall stock market risk of a larger bubble burst. A brief analysis of the characteristics of the Japanese stock market bubble before the rupture, and then analyze its implications for China’s A shares.