摘要
构建基于我国证券市场内幕信息操纵的数理模型,通过分析内幕信息操纵期间不同市场参与者的交易策略,得出他们的获益情况。研究结果表明,内幕信息操纵者并非一定获取正的操纵收益,其存在操纵失败的可能性。内幕信息的精度、正反馈交易者"追涨杀跌"的倾向等是影响不同市场参与者收益的重要因素。最后,有针对性地提出抑制内幕信息操纵行为的对策。
In this paper,we construct a mathematical model based on insider information manipulationin China's securities market,and analyze the trading strategies of different market participants in theprocess of insider information manipulation.The results show that insider information operators do notnecessarily obtain positive operating income,but there is the possibility of failure.The accuracy ofinsider information,the tendency to chase sell of positive feedback traders are important factorsaffecting the income of different market participants.Finally,the paper puts forward somecountermeasures to restrain the manipulation of insider information.
出处
《金融理论与实践》
北大核心
2017年第9期64-71,共8页
Financial Theory and Practice
基金
国家社会科学基金项目"我国证券市场内幕信息操纵的形成与预警研究"(13BJY174)
重庆市社会科学规划项目"中国股市内幕交易的形成机理与识别机制研究"(2012YBJJ028)
关键词
证券市场
内幕信息操纵
正反馈交易者
流动性交易者
securities market
insider information manipulation
positive feedback traders
liquidity traders
