PAGE\*MERGEFORMATII摘要继2018年第一只仙股退市后，长达半年多没有仙股退市，直到2019年下半年才出现了仙股，并且频繁出现，国内外学者对于仙股的分析很少，也导致国内中小投资者对仙股的风险不了解，则需要详细的研究分析。本文详细介绍仙股的由来，A股市场的仙股现状，调查分析了A股市场中仙股的产生原因和仙股频频发生的原因。分析仙股频发原因并从中找到仙股的风险，并且提出风险防范建设的建议。分析出中小投资者对仙股的投资对策，给中小投资者提出建议。本文对A股市场中仙股频发的原因进行探究以求分析出投资对策。全文分六个部分：第一部分是阐述A股市场的仙股现状；第二部分A股市场中是仙股发生的原因和仙股频频发生的原因；第三个部分是分析仙股频频发生对市场的影响；第四个部分是风险防范建设；第五个部分是对仙股的投资对策；第六个部分是总结。关键词:A股市场仙股退市ABSTRACTAfterthedelistingofthefirstpennystockin2018,therewasnopennystockdelistedformorethanhalfayear,anditdidn'tappearuntilthesecondhalfof2019,andthepennystockappearedfrequently.Scholarsathomeandabroadseldomanalyzedthepennystock,whichalsoledtothelackofunderstandingoftherisksofthepennystockamongsmallandmedium-sizedinvestorsinChina,sodetailedresearchandanalysiswereneeded.Thispaperintroducestheoriginoffairystockindetail,thepresentsituationoffairystockina-sharemarket,andinvestigatesandanalyzesthereasonsfortheemergenceoffairystockina-sharemarketandthereasonsforthefrequentoccurrenceoffairystock.Thispaperanalyzesthecausesofthefrequentoccurrenceoffortunestockandfindsouttheriskoffortunestock,andputsforwardthesuggestionofriskpreventionconstruction.ThepaperanalyzestheinvestmentcountermeasuresofsmallandmediuminvestorsandputsforwardsomeSuggestionstosmallandmediuminvestors.Thispaperprobesintothereasonsforthefrequentoccurrenceoffairystocksinthea-sharemarketinordertoanalyzetheinvestmentcountermeasures.Thethesisisdividedintosixparts:thefirstpartistoelaboratethepresentsituationoftheAsharemarket;ThesecondpartofAsharemarketisthereasonfortheoccurrenceoffairysharesandthereasonforthefrequentoccurrenceoffairyshares;Thethirdpartistoanalyzetheimpactofthefrequentoccurrenceoffairystockonthemarket;Thefourthpartisriskpreventionconstruction;Thefifthpartistheinvestmentcountermeasuretothefortunestock;Thesixthpartistheconclusion.Keywords：AsharemarketPennystocksDelistPAGE\*MERGEFORMATIII目录TOC\o"1-2"\h\uHYPERLINK\l"_Toc25821"一、引言PAGEREF_Toc258211HYPERLINK\l"_Toc30133"（一）选题背景及意义