股票市场作为投资领域的选择之一，越来越引起专家学者们的关注。我国股票市场价格波动异常的怪现象，说明我国股市已经成为投机的场所，使许多股民失去了信心。究其根本原因，是我国股市投资者的非理性行为所致。文章基于西方经济人假说和我国儒家关于理性投资获利的理论基础，对我国股票市场投资者目前的非理性行为展开研究分析。文章把我国股市非理性投资者分为三类：散户、专业机构和大股东，针对每一类型的非理性原因与市场表现进行分析。根据分析发现，三者的非理性投资行为均为导致我国股票市场非规律性剧烈震荡的主要原因，前者表现为羊群效应、反馈机制和蛇咬效应；专业机构表现为内幕信息操纵对股价的冲击效应；后者体现为隧道效应。最后，针对分析结果提出相应的对策建议。%Recently, the stock market, as one of the choice of investment, has caused more and more peoples' attention. The ab-normal price fluctuations in Chinese stock market and strange phenomenon show that Chinese stock market has become a place of speculation, maked many people lost confidence. The underlying reason is the irrational behavior of investors in China's stock market. Based on the western Economic Man Hypothesis and the theoretical basis of China's Confucianism on rational investment , the irrational behavior of investors is analyzed in Chinese stock market. In this paper , the Chinese stock market irrational investors are divided into three categories: retail, professional securities investment institutions and major shareholders, for each type of irrational reasons and market performance are analyzed. According to the analysis, we found that the non-rational investment behavior is the main reason of the irregular turbulence in China's stock market, and the former is embodied in three aspects: the herding behavior, the feedback mechanism and the snake effect. Professional organization performance is functioned as insider information manipulation of the impact effect on the stock price, and the latter reflects the tunnel effect. Finally, the corresponding countermeasures and suggestions are put forward for the analysis results.
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