摘要
对于操纵行为的理论研究,国外的经典文献从博弈理论与行为金融学的角度对证券市场操纵行为进行分析,我国学者则从实证的角度设计出合理的研究路径,但没有建立模型说明利用内幕信息操纵股票市场的内在机制。本文认为,行为金融学中所指的投资者不具有完全的理性,总存在着普遍的“售盈持亏”倾向、强烈的“政策依赖”倾向、“过度自信”倾向以及显著的“羊群行为”倾向等心理偏见,操纵者则利用这些心理偏见操纵股票市场。文章提出,我国还没有实行做市商制度与卖空机制,如何借鉴和改进国外日渐成熟的市场操纵理论以适合我国国情,是一个重要的现实问题。
The authors point out that manipulation emerges with the development of securities market. But research on the theory of manipulation began in 1950s. The author believes that investors in behavior finance are not really rational, they hold psychological bias that used by the manipulators to manipulate the securities market. The author also points out that, in China, the mechanism of market-maker and short selling has not carried out yet. So, how to learn from the international theory of market manipulation and improve it to be suited to China＇ s national condition.
出处
《中国流通经济》
CSSCI
北大核心
2006年第8期62-64,共3页
China Business and Market
