中文摘要：

有价证券价格的不规则波动并非“市场异象”，波动的本质原因在于交易主体对交易产品的心理预期，进而市场价格趋势取决于异质行为人的认知。基于此，可以考虑从对公众投资者、舆论领导者和政府监管层的认知引导角度来治理和创新发展证券市场。第一，采取温和货币政策抑制证券市场投机泡沫；第二，制定有效、公平的证券市场投资者保护政策；第三，对养老金入市进行全面设计，改革完善退休方案等配套措施；第四，鼓励市场相机交易机制等。

英文摘要：

It is not the market anomalies that securities prices fluctuate irregularly, and the essential reason of fluctuation depends on the expectations produced by the heterogeneous transaction subjects to trading products, and then, the trend of market price depends on the cognition of heterogeneous behavior person. Based on this, we can from the cognitive perspective guide the public investors, opinion leader and the public opinion and government regulators to govern and perfect the securities market. It mainly includes： firstly, take the policy of moderate monetary to control the speculation bubble of securities market; secondly, make an effective and fair investor protection policy on securities market; thirdly, make a comprehensive design on the pension funds to reform and improve the retirement plans; fourth, encourage the discretionary trading mechanism etc.