中国股票市场可持续发展的博弈分析

Game Analysis on the Sustainable Development of Stock Market in China

中国股票市场经历十几年的发展已取得长足进步 ,在股票发行规模和上市公司质量方面 ,都有较大的提高 .目前中国股市仍存在着诸多问题 ,尤其股市造假 ,给股票市场的可持续发展带来极大挑战 .文中对股票市场造假行为的原因进行博弈分析 ,提出治假的制度安排 ,为相关部门解决股市造假问题提供科学依据 .

After going through the development in recent decade plus, the stock market in China have made substantial progress, as shown by the improvement in the scale of stock issurance and in the quality of listed company. However, there exist numerous problems in the stock market of China. The counterfeiting of stock market is serious in particalar. This is a tremendous challenge to the sustanable development of stock market. With regard to the counterfeiting of our stock market, the authors give a game analysis on its cause; and propose an institutional arrangement on its treatment, by which a sicentific basis is offered for the department concerned to settle the problem of counterfeiting.