摘要
本文首先简要阐述了证券市场参与方之间博弈对于市场稳定发展的意义,回顾了有关个体投资者与机构间博弈研究的状况,分别基于股价的波动和交易量的波动对个体投资者和机构间的博弈状况进行了分析,指出个体投资者和机构应采取的均衡策略,并给出了关于中国证券市场稳定发展的建议。
The paper briefly introduces the significance of the game among participators for the securities market' s development and stabilization and reviews previous research about the game between individual and institutional investors. Also the authors analyze the game status of Chinese individual & institutional investors based on fluctuation of stock price and trade volume. Finally, some equilibrium strategies and policies suggestions for the securities market' s development and stabilization are provided.
出处
《金融研究》
CSSCI
北大核心
2004年第1期43-54,共12页
Journal of Financial Research
基金
本文受到教育部优秀青年教师资助计划项目"基于行为金融理论的有限理性投资行为研究"的资助。
关键词
个体投资者
机构
股价
交易量
博弈均衡
individual investor, institutional investor, stock price, trade volume, equilibrium strategies