我国证券市场的投机行为分析

Analysis of Speculation in Chinese Securities Market

分析我国证券市场中投机行为的原因及方式。构造机构投资者的单阶段效用函数，使用KMRW声誉模型证明，在广大个人投资者与机构投资者信息不对称情形下，机构投资者可能操纵股价持续上扬，建立强庄声誉以获取最大利益。

The reasons and methods of speculation of Chinese securities market are analyzed in this paper. And the one-stage utility function for institutional investor has been instructed. Through KMRW reputation model, it has been proved that under the condition of information asymmetry between most individual investor and institutional investor, the institutional investors would prefer to control the stock price rising continually, and instruct reputation of strong institution to get the most profit.