论文部分内容阅读
炒作是创造了价值,还是毁灭价值?其实某种商品的经济学价值是相对稳定的,炒作只是创造了以该商品的经济学价值为基础的筹码。当人们在爆炒的时候,交易价格会非理性地偏离实际价值,而炒到爆的时候就是价格回归价值的过程。在今年的金融市场中,中国股民经历了资产迅速膨胀的炒作过程,也经历了大盘震荡的价值回归过程。然而失去了其中的一部分价值,特别是财富价值之后,我们反而会领会其另一部分价值,除了基本面价值之外,或许还有理性应对炒作的一些教义。
Is speculation creating value or destroying value? In fact, the economic value of a commodity is relatively stable. Speculation only creates a bargaining chip based on the economic value of the commodity. When people stir, the transaction price will be deviated from the actual value of the irrational, and speculation burst when the return value of the price process. In this year’s financial markets, Chinese stockholders experienced a process of speculation over the rapid expansion of assets and experienced the return of the value of the turmoil in the broader market. However, after losing a part of the value, especially the value of wealth, we may instead understand the value of another part. In addition to the value of the fundamentals, there may be some doctrines that rationalize the speculation.