我国资本市场已经经历了几年熊市,股价屡创新低,进入2005年之后,整个市场笼罩在一片恐慌气氛中,任何风吹草动都会加剧中小投资人非理性的“搏傻”行为。这固然有政策性失误带来的投资价值判断体系紊乱、上市公司质量太差、中小投资者保护不力等体制性原因,但经过大幅下跌之后, China’s capital market has experienced a bear market for several years, and its share price has hit record lows. After entering 2005, the entire market is shrouded in a panic atmosphere. Any sign of trouble will aggravate the irrational “foolish” behavior of small and medium-sized investors. Although there are some policy reasons such as the disorder of the investment value judgment system, the poor quality of listed companies, the weak protection of medium and small investors and other institutional reasons, after a sharp drop,