2001年6月以来,沪深股市出现了持续的暴跌走势。从2001年6月14日沪市的2245点到2002年1月21日的1362点,股指下跌了883点,最大跌幅达39.33％。如果从1999年5月17日沪市最低点1047点算起,那么沪指已跌去5·19行情以来涨幅的73.71％。由于在我国的股市中没有做空机制,投资者缺乏有效的套期保值和风险规避工具,因而他们在市场暴跌中的惟一选择就是“割肉”和“斩仓”,这不但给投资者自身造成了巨大的财产损失,而且也使市场在“斩仓”盘的推动下处于一轮又一轮的下跌之中。可以说,我们的市场正在遭受重创,市场的个别风险、类别风险与系统风险都在加速生成并随时都有爆发的可能。那么,究竟是什么因素导致股市如此疯狂地暴跌呢?一种有代表性的观点是,大户行为 Since June 2001, there has been a continuous slump in the Shanghai and Shenzhen stock markets. From 2245 on June 14, 2001 to 1362 on January 21, 2002, the stock index fell 883 points, the largest decline of 39.33%. If from the lowest point of Shanghai Stock Market on May 17, 1999, 1047, then the Shanghai Composite Index has dropped 73.71% of the increase since the May 19 market. Because there is no short mechanism in the stock market of our country and investors lack effective tools for hedging and risk aversion, their only choice in the market crash is “flesh cutting” and “liquidation”, which not only creates huge investors themselves Of the property loss, but also make the market in the “cut” disk drive in a round after round of decline. Can be said that our market is being hit hard, the market of individual risk, category risk and system risk are accelerating the generation and the possibility of an outbreak. So what exactly led to the stock market crashing so furiously? A representative view is that big business