由于经济萧条或政治动乱所引起的股灾是可怕的,这种股灾一般都大伤股市元气,以至几年甚至十几年不得复原。然而,从1993年6月至1994年7月,这长达一年有余的中国股市大挫,是由于什么经济萧条或政治动乱吗?显然不是。那么,中国股市大挫究竟何因何故?股市初期持续一段低落的行情是好事还是坏事?中国股市走向成熟要不要把握时机?股市有无理由重蹈狂热?…… The stock market disaster caused by the economic depression or political turmoil is horrible. Such stock market disasters have generally hit the stock market vigorously and can not be restored in a few years or even over a decade. However, from June 1993 to July 1994, what was the recession or political turmoil in China, which lasted for more than a year, due to the major setback in the Chinese stock market? Obviously not. So, what is the cause of the Chinese stock market crash? The stock market for a sustained period of low market is a good thing or a bad thing? Chinese stock market to mature or not to seize the opportunity?