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指出目前我国股票泡沫一些算法的错误;指出股票的泡沫就是股票价格偏离股票价值的程度;计算中外股票泡沫并进行对比分析;提出缩减中国股市泡沫的对策。主要结果:九年来中国流通A股的相对泡沫高于东京、纽约;如果非流通股全部上市,则居于东京、纽约之间;2000年年底中国流通A股的绝对总泡沫为10400亿元,成为一大隐患;股指期货交易可使股市成为“双向”市场,从而化解缩减股市泡沫的阻力。
Pointing out that the bubbles in the stock market are the deviation of the stock price from the stock value; calculating the stock bubbles in China and foreign countries and making comparative analysis; and putting forward the countermeasures to reduce the bubbles in the Chinese stock market. Main Outcomes: The relative bubble of China’s circulation of A-shares is higher than that of Tokyo and New York over the past nine years. If all the non-circulation stocks are listed, they live between Tokyo and New York. At the end of 2000, the absolute total bubble of China’s circulation of A-shares was 1.04 trillion yuan, A major risk; stock index futures trading can make the stock market become a “two-way” market, thus resolving the resistance to reduce the stock market bubble.