证券市场多元利益机制的相关分析

The Correlative Analysis of Mechanism of Multi-Interest the Stock Market

本文对证券市场各参与主体的行为进行了系统分析 ,设计并详细研究了各利益主体的支付函数 ,讨论了各利益主体利益的相关性以及他们之间的博弈过程。认为股市的各种表现是其利益主体相互作用的结果。分析还表明政府政策的制订与实施可能走样 ;机构投资者、上市公司以及证券中介机构可能作出有损国家和中小投资者利益的行为 ;中小投资者的权益得不到有力的保护。为解决上述问题 ,使中国股市健康发展 ,提出了具体的政策建议。

The actions of securities business′ main bodies is analyzed systematically in this paper.We also design and study their payoff functions,analyze the relativity of their profit,and then,their process of game.All phenomenon in stock market are the result of profit bodies′ interactions.These analysis can also indicate that policies′ establishment and actualization may go out of form;institutional investors,corporations and medi organization may do harm to the nation or(and) general investors;general investors′ rights and interests may not be guaranteed.In order to solve the problems above,and to spur the stock market of china grow healthily,we advance material advice.