Capital supply, bubble and " Pang fraud " supply demand relations decides the value, stock market is not exceptional also. If the capital of flow direction stock market is excessive abundant, the price of stock market can break away from the outstanding achievement of company future in the round, city is filled with rate meet too tall, bubble appeared. Foamy appears the risk that can increase the stock market, because the long-term redound of investor did not assure. Since 90 time metaphase, american stock market was thought to build up more and more bubble, immediate cause is capital supply is beyond the mark and ample, not only the fund of provide for the aged of American home, joint fund expands quickly, and a lot of idle fund on international also emerge to the United States. The impact that supply of stock market capital fluctuates with share price is clearer, the experience in the past makes clear, what open a cut to be able to drive share price on capital is apparent rise. But, this is the idea of the problem only. If total capital overstock of economy, should cause include hypostatic economy inside overall inflation. Inflationary occurrence, with respect to the yield that can raise investor place to expect conversely, investor can ask more risk premium, this will make city is filled with rate reduce. If be the capital of the stock market only,supply is measured overmuch, cause the stock market thereby " inflation " , we can't help wanting to ask, why should capital be in the stock market " gather together " and do not flow to other place? This may have two kinds of cases, it is the stock market has more than other place " appeal " , 2 be " hot money " do not have more investment channel besides the stock market. A few scholars pass the discovery after studying to the system of American stock market, american stock market is had special " appeal " , this kind " appeal " it is a kind of insalubrious feedback mechanism actually, besides the psychological aggrandizement with revulsive media, still existing so called " Pang fraud " (PONZISCHEME) (Robert. Hope to strap, 2001) . The name of fraud originates one calls Chalisi. The American of Pang. Pang fraud is essentially will hind before the investment of round of investor pays as yield one round investor, the rest may be deduced by analogy makes the person of be involved in and capital increasing. The capital investment that the Pang fraud in the stock market relies on one round another round namely comes share price of ceaseless drive up, before the round capital investment after support comes one round investor provides income, draw new fund ceaselessly with this. Our Chinese is not unfamiliar to this kind of fraud, this is game of a kind of pyramid actually, the con sex of a lot of old-style Chinese private bank collects money and pass annul belong to this kind actually. On Chinese stock market, banker people formed Chinese stock market " Pang group " , introduce Chinese stock market so " kind pass sell the market " direction, the future that enter the person of the stock market and does not care about stock itself is filled with interest rate, expect however " have next homes " will become rich, so already entrant hopes to have more new entrant, that is to say, "Next homes " had jumped over more more. Expect as a result of this kind ferment, chinese stock is provided more than other finance capital " appeal " , the capital that the stock can attract is more also, the cold reception that this gets from investment fund place is OK catch a glimpse of. The state of mind of Chinese shareholder also is similar to pass the person that sell, they know perfectly well this is a fraud, but if you expose, they will be excited the ground, speak plausibly and at length the ground argues with you. Their hope economist, judge the home, media to help development " get offline " , because want to maintain this to plant " kind pass sell the market " , must want a gleam of of a gleam of to be passed downward, and much, capital measures the person that a gleam of wants to compare a gleam of big. If want to ban, they may rise revolt, they hope to be found in oneself " next homes " later be banned again and rejoice oneself. But, "Kind pass sell the market " want to break down after all, the support of the people that has mathematical knowledge a bit does not have mathematical knowledge but the person that has perfect intuition knows. The Pang fraud of Chinese stock market wants those who compare the United States to break down more easily, because capital supply of the United States is ampler than China much, the stock market " player " also should get more much, although its main area is a few poorer, the capital on international still should emerge toward wall street. And in the developing country, break down come more quickly. If involve the person is too much, still can lead to social problem. Came 1996 1999, albania happening crosses such fraud, attracted quite one part person and the capital of 2 billion dollar, this is equivalent to an Albania year the 30 ％ of gross domestic product, when these fraud disclosed 1997, indignant remonstrant robbed a bank, burned building, the government must employ army to appease convulsion, a few cause trouble person be killed (Robert. Hope to strap, 2001) . Although cross much hot money to gather in security market not to bring about the market to break down, but can bring about price overmeasure at least, stock price overmeasure brings about company value overmeasure, a lot of enterprises are opposite because of this hypostatic economy distains to be considered, be fond of do in empty body economy dinkum " capital is run " , be willing to appear on the market set now, the buying and selling that pack, one night is cruel rich. Efficiency of configuration of this pair of resource and fair sex are one kind is damaged. the security market with respect to us, flow into it seems that " hot money " too much; To these " hot money " , we should stem of course illegimate origin, at the same time even to lawful " hot money " the intrigue of the risk that the person that offer points out share price is exorbitant and Pang fraud, increase a stock to furnish appropriately especially the supply of accomplishment Shen Gu, and improve market structure, open up a variety of banking products, make investor has more choice, make be opposite socially the translate into of investment more ground of financial product is right the investment of hypostatic economy, avoid a stock the financing volume of 2 class market exceeds overly " cash " need. Investment, spec and " set machine " if people buys the financial product such as the stock, becoming them especially basically is to get short-term deal when valence needs income, are they to investing to still be in spec? If share price broke away from the gain of the enterprise, city is filled with rate is very high, still ceaselessly capital flows to the stock market, so these people are to investing, be still in spec? If they are the words in the spec, attribute the action that is not reason, should the government check? Actually, alleged investment and spec are the concept of two different levels, they are completely OK coincide. Alleged and congenial, it is to point to use market price difference to pursue business (especially short line business) and accrual behavior. If investment shows is the word of the concept in economics, it is to show capital is formed of course, of the construction that is like workshop, equipment purchase, stock increases etc, stock the nature of buying and selling on 2 class market is not investment. But if if be the behavior of daily conduct financial transactions that points to a dweller,investing, buy financial capital to wait like the stock, invest namely, and this kind of investment is to pass a spec to come true. We had said, those who gather in the capital of 2 class market to be equivalent to bank system " cash " , in the concept of economics, bank deposit is borrowed the fund of that one part that is used at production to the enterprise is called investment, and to behavior of dweller conduct financial transactions, no matter his capital is to borrow,stay as " cash " (actually this to a certain person it is impossible to distinguish) , it is investment, and this kind of investment also can be sometimes in the spec implementation, for example says, take the bank that money existence usury ceases from the bank of low interest, divert fund current-account holder from deposit account in same bank even. The investment of security market and spec also are same argument. We demote at ordinary times congenial and honour investment, the likelihood is the fund that collects because of 2 class market exceeded far " cash " need, and because be opposite empty body economy (NON-REALECONOMY) investment cannot translate into is right hypostatic economy (REALECONOMY) investment. And, because security market price discovers function and risk are dispersive functional importance, the spec is must. Pass a seize a chance to seek private gain only, ability discovers and form real value, the person that ability makes discover real value gets paying, because this kind of adventurer made contribution to resource configuration, its collect, arrange, analysis, judged information. The just of a few models that negotiable securities fixes a price is to build the base in the so called behavior that cover interest, this kind covers interest is a spec essentially. Even if gamester, he also made simple make a decision to information at least, if make a decision is right, also should get paying. Actually, this kind of dinkum gamester is very few, he can think why to be met the next time detain is right, can begin to analyse information. The seize a chance to seek private gain is very significant also to dispersive risk, professional agreeable appeared to invest an orgnaization on the market so, if wait to pouring fund, they are the person that the risk is accepted. But important is, the person that these risks are accepted often is rich estate and professional, and build the base in market specialization, so the risk is by limitation inside certain limits. Also because such, the risk on the fundamental market such as common stock market is less instead. So, the spec gambles even not terrible. What is so terrible? Alleged and congenial, it is the price that from information not complete, asymmetry place brings the interest is acquired in wave motion, but if information is not complete, it is not complete to everybody, price wave motion is same to the opportunity of everybody, fair; If the word of information asymmetry, government should control inside trades. If somebody creates news intentionally not complete, asymmetry, undertake information misdirect intentionally, make the price fluctuant and seek profit from which and cannot by control, this special dreariness. This had exceeded agreeable range, we can call our " set machine " . Alleged " set machine " it is the price actually operate, the banker of our country is " set machine person " . We detest a spec, it is to detest character actually by " set machine " and bring about " frequent short fry " , because of banker " set machine " make fretted uneasiness, not know what to do, face buys small family investor evening sells. Accordingly, large family and orgnaization investor are not banker certainly, high even proportion is held person also not be banker certainly (although the large family on our country security market makes the scale of the village taller) . Although the concept of banker compares indistinct, but it is to show those wait for means to operate through information misdirect commonly the high proportion of the price is held person. Because the crucial point of banker is " set machine " , what so we need to hit is " set machine " behavior is not congenial behavior, not be investor of orgnaization of general blow large family, blow more. In fact, orgnaization investor is in the action in security market is very important. No matter orgnaization investor is in in one class market or the price discovery in 2 class market the effect with rising very main. In the market of organic compose investor, the emission of one class market of valence and 2 class market trade valence approachs real value more, ordinary individual investor makes the follower that orgnaization investor fixes a price. In the world, as a result of joint fund arisen, the person that orgnaization investor has become one class market and the dominant of 2 class markets, between the orgnaization investor that does not depend on a stock exchange consequently trade the amount is huger and huger, this also is negotiable securities of American illicit collect can can avoid con main reason swift and violent development, basically. Besides, orgnaization investor is becoming active strategic investor, there also is a few on our country security market " senior banker " becoming in shunt " set machine person " the mixture with active strategic investor. Be in the United States, orgnaization investor once rose jointly arisen " pour cabinet " motion, change the manager layer that holds an enterprise asymmetry post. Active strategic investor besides the case of hair present price, investment target that seeks value to be underestimated, still meet " education " , " tone teachs " the investment boy or girl friend that has an outlook, appreciate from negotiable securities thereby in benefit. Important is, its oppose an action, " education " and " tone teachs " behavior is important information, should announce, such ability prevent " set machine " behavior. The government has a lot of main functions in the positional security market in security market, if these functions cannot come true, be buried be restrained by factitious ground even, security market is not healthy. Accordingly, the government is not to want to take financing function seriously one-sidedly, not be to if state-owned company financing damages resource to configure efficiency and fair sex thereby,help specific company more, because such will screwy economy structure. The government also is not to promote financing function and the price that leads security market, should not be apt to " ask city " , and should let market effectiveness produce effect. But this does not mean a government to do not have the position in security market. Contrary, the government is having main effect in security market, this is so called superintend (RECULATION) . To security market, the agreement between only support party (if company rules, intermediary enters all sorts of deed of security, peace treaty to wait) unwarrantable efficiency and fairness, the person such as Gelaize (2001) consider to make clear, the government is being superintended is more important than the agreement between party and the judicial ruling on this foundation. Not allow dare not or would not speak up, to security market implementation is superintended effectively is not affection of a breeze. Because security market trades the quantity is great, clinch a deal very rapid, the check that causes pair of illegal behaviour is very difficult. Below this kind of circumstance, be accused square quote responsibility is put forward. A few scholars think law of American negotiable securities can be carried out effectively, the key depends on his be being accused square quote responsibility. Actually, negotiable securities judicatory of the United States still basically is accuser quote, just clause of famous 20A, 21A is the accused quote, and uses at most 10-b5 provision or accuser quote. In the meantime, because American negotiable securities trades committee (SEC) administration, legislative, judicatory holds concurrently on certain level a few function, be called to be " the 4th branch " , have very great power, and this is formed in the long-term movement of American politics system, other country may not can be not necessary also follow the lead of. To overcome the difficulty of check, each national capital is in make full use of contemporary high-tech step comes monitoring and record trade behavior, if American Na Sida overcame the market to be installed " stock monitoring dogs automatically system " (SWAT) , any trade unusually to be able to be hinted, superintendency branch also can have inquiry and investigation lawfully. In the meantime, also do not eliminate a government to be in proper when the value of interpose security market is total level. We had been analysed, of security market " hot money " too much, " Pang fraud " appear etc, can make price level exorbitant. Additional, what company understanding manages is not stable, also can cause the price unusual. When security market price the influence goes to macroscopical economy situation when when should affecting financial stability, society stability especially, the government cannot look on indifferently. The adjustment that can carry standard interest rate like confederative reservior committee of the United States will affect stock market price, pass even " propaganda to the enemy at the front line " will affect stock market price. 1998 of the soul-stirring on Hong Kong security market " government-owned alligator big fight " more the government leaves price of interpose negotiable securities in specific situation make classically. Anyhow, the government is cannot absent, governmental absent and government affect security market impertinently to go against the healthy progress of security market euqally. (www.my-paper.info my paper)