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由零開始學習股票-股價是誰控制的?

文章難度:★☆☆☆☆ 小編A:和親朋戚友談股票,經常聽到一個解釋股價升跌的原因,說股市是人為操控的。最常聽到的說法,是指數是由個別大戶舞高弄低的。這到底是否正確呢? 還原基本步,股價的漲跌是由誰控制?不是任何人,是市場,是最簡單的demand and supply。一隻股會升,你可以用很多理論解釋,但最直接的原因就是買盤多於賣盤,反之亦然。簡單說,只要有人肯$100買,有人肯$100賣,就形成了「股價」$100(當然開價不能偏離現價太多,不然牛熊市場就不用存在了)。當大部分持貨人士認為股份值$110,不肯賣,市場上又有買家願意以$110買入,股價就會升至$110,反之亦然。所以當出現重大金融危機時,經常出現所謂「人踩人」情況,因為只有少數人願意接貨,於是大多數持貨人只能夠「割價」賣股票,造成股價急跌情況(當然再加上衍生工具斬倉)。 所以,如果有心人要操控一隻股票,就要持有大量街貨(或稱貨源歸邊),令到定價權完全掌握在有心人(或莊家)手中。對細價股而言,有心人是能夠操控一隻股票的,因為一隻創業板的細股市值可能只值二、三億港元,而街貨只值六、七千萬,有心人很容易就收集到六、七成的街貨,要操控股價不難。常見手法往往將貨源歸邊後,在操控時同時掛出大量買賣盤,又稱為「搭棚」。令到其他人怎麼沽也沽不跌,怎麼買也買不漲。所以很多細價股又稱為「莊家股」,有些極端的更稱為「妖股」,正是因為這些股的供應極少且易被控制。這些貨源極度歸邊的股票,又被稱為「很乾」(由於流通性又稱為liquidity,相反就是「乾」)。 很多時,這些股票急升,會引到很多炒即日鮮的散戶入場,因為大家都相信「傻瓜理論」,希望自己不是最後一個傻瓜,能將急升中的股票出讓,但最後都成為了傻瓜。因為有心人快速炒上後,可以在股價高位大量散貨,股價自然會跌(跌勢可快可慢),令沽不及的散戶血本無歸。雖然市場上確有散戶可以靠這種股票賺錢,但通常屬於極少數,散戶輸多贏少。為什麼?因為只要有心人的成本價遠低於現價,有心人隨時也可散貨圖利,向下炒是大有可能的。而且這些股明顯是人為操控,明顯是想設局佔散戶便宜,你要反佔他便宜,自然就是很難。所以對市值極細的細股,新手不宜亂碰。 至於大股,尤其是指數成份股,要操控是極不可能的。如果平常有留意指數股,就會知道對指數貢獻最大的個股,往往是那十幾隻大股,例如騰訊、工行、建行等等。這些股的市值是數萬億、萬多億的港元。有心人若要操控,成本有多高?動輒以千億計。莫講是操控,你要推得郁,也是很難的,其中的資金消耗極大。所以就算是國家隊,也不是說救市就可以救市。 比如說,2015年中國股災,「國家隊」7月救市,一開始以合計不低於1200億元,用於投資藍籌股ETF,資金主要集中在滬指權重股中國石油、深指權重股平安銀行等個股。但是負面影響顯著,眾多中小創股票暴跌,後來便合計動用資金接近700億元,買入中小創股,不少中小創的流通盤幾乎被國家隊買光。 如果以7月1日為入市起點,8月14日為終點,國家隊掃入1365家個股耗資約1.23萬億元。所以,就算是傾國家之力去捍衛指數,也是一件難事。個別大戶要操控指數,又是談何容易呢?