文章在对中国股票市场2005年6月-2008年8月发生的"异常现象"进行分析和总结的基础上,从噪音交易对股票市场行为影响的角度探讨了中国股票市场"异常现象"产生的原因,研究结果表明:中国股票市场在2005年6月-2008年8月期间发生的"异常现象"在很大程度上是由于占主导地位的噪音交易者在股票市场上涨时期的过度乐观和股票市场下跌时期的过度悲观情绪造成的。
On the basis of analyzing and summarizing the "anomaly phenomena" of Chinese stock market during the period from June 2005 to August 2008, this paper studies the causes of "anomaly phenomena" of Chinese stock market from the perspective of the effect of noise trade on stock market behavior, and puts forward to measurements and suggestions weakening the negative effect of noise trader on the stock market. The research results show that, to a large extent, "anomaly phenomena" of Chinese stock market is caused by the over-optimistic sentiment during stock market rising period and over-pessimistic sentiment during stock market falling period of noise traders who play a dominant role in Chinese stock market.