投机性交易行为可能使得股市波动幅度加大,但基本面的价值变化更能解释市场的跌宕起伏。今年上半年中国A股市场沪综指下跌26.8%,深成指下跌31.5%。扣除上市新股的影响,今年上半年蒸发的市值已超过5万亿元。这个成绩跌幅超过全球所有的主要股票市场,居然与羸弱的希腊“并驾齐驱”。而2009年沪综指当年录得79%的涨幅,排在全球 Speculative trading behavior may make the stock market volatility increased, but the fundamental changes in the value of the market can explain the ups and downs. In the first half of this year, the Shanghai Composite Index dropped 26.8% on the China A-Shares Market, and the Shenzhen Component Index fell 31.5%. After deducting the impact of IPO, the market value of evaporation in the first half of this year has exceeded 5 trillion yuan. The result, which fell more than all the major stock markets in the world, was “in line with the weaker Greece.” The Shanghai Composite Index in 2009 recorded a 79% increase, ranked in the world