本文对投机活动与市场价格波动的关系做了理论推导,认为投机活动对于市场价格的稳定具有正效应和负效应两个方面。假定市场条件是正常的,投机者能够正确地预测价格的走势,那么投机活动有利于市场的非正常价格差异缩小;假定市场条件是不正常的,投机者的预测发生错误,那么投机活动将会造成有害影响。我们要靠一定的规则和制度去限制其不利作用,发挥其有利作用。 This paper makes a theoretical derivation of the relationship between speculative activity and market price volatility, and believes that speculative activities have positive and negative effects on market price stability. Assume that market conditions are normal and speculators can correctly predict the trend of prices. Speculative activities will help reduce the abnormal price differences in the market. Assuming market conditions are abnormal and speculators’ predictions are wrong, speculative activities will Causes harmful effects. We must rely on certain rules and systems to limit its adverse effects and play its beneficial role.