证券市场监管者和中小投资者博弈分析

发布时间：2018-01-28 12:27

本文关键词： 证券市场监管者中小投资者博弈均衡　出处：《财经理论与实践》2012年05期 　论文类型：期刊论文

【摘要】：由于我国证券市场发展尚未成熟,同时因为我国的特殊经济模式,监管在维护证券市场稳定发展方面起了很重要的作用。但是,由于我国监管体系的不完善,信息的不透明和不对称性会产生投机行为,中小投资者往往就成为股市博弈的牺牲品。因此,本文将通过对市场过热和市场低迷两种情况下,监管者颁布政策和中小投资者投资行为之间的博弈过程进行分析,以求规范股市投机行为,维护各方利益均衡,达到市场稳定发展。本文的分析表明监管者和中小投资者的均衡策略主要取决于其得到的效用和付出的成本,在不同的临界值下存在不同的均衡结果。最后针对本文的结论和我国的实际情况,提出了相应的建议。
[Abstract]:As the development of China's securities market is not mature, and because of the special economic model of our country, supervision plays an important role in maintaining the stable development of the securities market. However, because of the imperfection of our country's regulatory system. The opacity and asymmetry of information will result in speculative behavior, and small and medium investors will often fall victim to the game of stock market. Therefore, this paper will adopt two kinds of situations: market overheating and market depression. In order to regulate the speculation in the stock market and maintain the balance of the interests of all parties, the game process between the policy promulgated by the regulator and the investment behavior of the small and medium-sized investors is analyzed. To achieve a stable development of the market. The analysis of this paper shows that the equilibrium strategy of regulators and small and medium-sized investors mainly depends on the effectiveness and cost. There are different equilibrium results under different critical values. Finally, according to the conclusion of this paper and the actual situation of our country, the corresponding suggestions are put forward.
【作者单位】：对外经济贸易大学国际商学院;兰州大学;法国兴业银行;
【基金】：2005年国家社科基金项目(05BJL028)、2011年国家社科基金项目(11AZD010)
【分类号】：F832.51;F224.32
【正文快照】： 一、问题的提出证券市场是国民经济的晴雨表,改革开放以来,我国证券市场也开始不断的探索和完善。由于我国经济结构的特殊性,所以证券市场的稳定和发展是与政府的行为息息相关的。回顾证券市场的发展,从2005年到现在,股市经历了从牛市到2008年大跌进入熊市,到现在动荡的复苏

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