论股票价格决定的主观性

要理解股市 ,必先理解股票价格。股票价格是股票市场参与各方博弈的结果和实现自身利益的手段。与普通商品价格决定不同 ,股票价格的决定具有无法排除的主观性质。这种主观性是由股票未来收益的不确定性内在规定的 ,并使得股票市场永远是一个跌宕起伏的市场。可以认为股价决定的主观性是股价易被人为操纵 ,股市“泡沫”反复产生的内在原因。

Subjectivity in Fixing Stock Prices

The key to understand the stock market lies in the understanding of stock prices, which are important means by which all players in the game of stock exchange obtain results and gain interests. Unlike the prices of ordinary commodities, stock prices are fixed with an inevitable subjectivity that comes as a result of the uncertainty of the stock benefits, which gives the stock market constant ups and downs. It can be assumed that subjectivity in fixing stock prices is what makes it possible for stock prices to be manipulated and stock market "bubbles" to be generated.