本杰明·格雷厄姆关于投资与投机区别的基本观点——兼论我国证券投资分析教材中的错误  

Benjamin Graham's Main Point of View of Difference between Investment and Speculation——On the Relevant Errors in Our Securities Investment Analysis Textbook

作　　者：张振乾[1] 

机构地区：[1]广州城建职业学院,广东广州510925

出　　处：《湖北经济学院学报》2013年第3期20-24,共5页Journal of Hubei University of Economics

摘　　要：正确认识投资与投机的区别具有重大的理论与现实意义。本杰明·格雷厄姆的证券分析理论对于投资与投机的区分进行了重点阐述,具有特别重要的价值。其基本观点有:投资可以得到安全边际的保护,而投机得不到这种保护;投资的策略是证券估值,投机的策略是市场预测;投资运用基本分析法,投机运用市场分析法。通过比较发现,我国证券投资分析教材存在以下错误:没有抓住投资与投机在"安全性"这一本质属性上的差异;把投资策略与投机策略混为一谈;把基本分析法与市场分析法都当成投资分析方法。这些错误给人们带来较大的思想混乱,应该予以改正。Correct understanding of the difference between investment and speculation is of great theoretical and practical significance. With important value, Benjamin graham＇s securities analysis theory focuses mainly on the difference between in- vestment and speculation. Here are his main related point of view： Investment is under protection of margin of safety,but speculation not; Investment strategy is securities valuation, speculative strategy is market forecast; Investor use basic analysis, and speculator use market analysis. By comparison, some relevant errors in our securities investment analysis textbook were found： Do not grasp the essential differences between investment and speculation; Confusing investment strategy with specula- tive strategy; Counting both basic analysis and market analysis as investment analysis method. These errors have caused a lot of ideological confusion.

关 键 词：本杰明·格雷厄姆 投资 投机 

分 类 号：F830.59[经济管理—金融学]