行为金融、噪声交易与中国证券市场主体行为特征研究

Behavior Finance, Noise Deal and the Action Features of Principal Parts in China's Stock Market

噪声交易的存在构成了金融产品交易的一部分 ,实证研究表明 ,中国证券市场主体的噪声交易过度问题相当严重 ,表现在机构投资者对股价的操纵、中小投资者的盲目跟庄等方面。中国证券市场主体过度噪声交易的原因是存在体制性缺陷。为此 ,应加强对证券市场的监管 ,减少人为因素造成的噪声交易。

The existence of noise deal makes up a part of the financial markets. Many examples declare that the noise deal is very serious in China's stock market. The phenomena show that institutional investors manipulate stock prices and small investors follow the institutional investors blindly. The existing excessive noise deal in the China's stocks market is mainly due to the defects in the system. So we should strengthen the supervision of the stock market and reduce the noise deal of artificial factors.