规范证券市场走出投机误区──再论证券投资与证券投机邵以智一、我国证券投资的发展阶段从世界范围看，尽管证券市场在各国的建立有早有晚，证券市场在各国的发展有快有慢，但是发展的过程、发展的道路正如人类社会一样，是有一定规律的。大致都要经过以下五个阶段，即：... Regulate the securities market out of speculative misunderstanding ─ ─ On securities investment and securities speculation Shao Yi-chi First, the stage of development of China’s securities investment From a global perspective, although the stock market in various countries have long been late, the securities market in all countries have developed rapidly There is a slow pace, but the process of development and the path of development are just as certain as the human society. Generally go through the following five stages, namely: ...