股市泡沫、制度回应与人的有限理性-以南海公司与轮船招商局股价波动之比对为视角

英国南海公司与清末轮船招商局都曾出现股市泡沫，官方的制度回应不但未能阻止泡沫化，还给证券市场带来深远的负面影响。在承认人的理性存在有限性之前提下，比对两家企业的史实，探求制度如何在不同历史背景下对股市泡沫作出有效回应，更易于发现法制对于股票交易的意义所在。

Stock Market Bubble,System Response and Bounded Rationality of Human Beings

There had been stock market bubbles in the South Sea Company and China Merchants Steam ship Navigation Company. System response of authority not only failed to prevent it, but also had a profound negative impact upon the securities market. In the context of bounded rationality of human beings, it will be more likely to find the meaning of legal system for stock and searching the effective system response in different trading by comparing the history of these two companies historical backgrounds.