A股沉浮启示录 中国股市的“政治经济学”

• 作 者: 谭保罗
• 机 构: 南风窗编辑部,
• 出 处: 南风窗
• 发表日期: 2015年16期
• 关键词: 融券 资本市场 大熊市 长期资金 “牛市” 经济改革 做多 市者 经济管理 制度性缺陷

经历了超过1个月的剧烈震荡,A股在7月的倒数第二个周五收盘,又重新站在了4000点以上。但市场最终走向何方,暂时还没有定论。这一场大震荡中,杠杆被认为狂涨和狂跌的罪魁祸首。从场内的券商融资融券、到场外的各种高比率配资,求富心切的投资者仗着自己曾经的牛市经验,笃信着分析师“改革牛”和“国家牛”理论,纷纷投入这场杠杆大赌博之中。

After more than a month of severe shocks, A shares closed the penultimate Friday in July and stood above 4000 again. However, the market eventually to where, for the time being inconclusive. In this big shock, leverage is considered the chief culprit in the ups and downs. From the securities brokerage firms to the scene, to a variety of high rates outside the capital, wealthy investors relied on their previous bull market experience, believe in the analyst “reform cow ” and "national cow Theory, have invested in this big leverage leverage.