证券机构和散户博弈模型设计

Negotiable securities marketplace organization and scattered door vivalry model-design

一般认为,成熟的股票市场,股票很少能被人为操纵,股票基本面和二级市场价格是由上市公司内在价值决定的,短期内应该不会变化很大。本文试图在构建机构一散户博弈模型的基础上,通过信息不对称和机构操纵之间的内在联系,提供中国股市中存在股票基本面以及二级市场价格被人为操纵现象的一种解释,以提示中国股市目前微观运行基础。

Oridinarily thinks , being living ageing stock market , the stock seldom be able to be con-trold artificially in stock . The fundamental in stock and second order market prices are resolved through the intrinsic value of going on market-corporation . So it'll not change very greatly in the short-term . In order to prompt the microcosmic operation base at the moment in Chinvivalryese stock market ,the original is try to to be on the base of the organization to scattered door vivalry model , through the inner touch between not symmetry information and the organization ,tosupply the interpretation of appearance of the the Chinese stock market and second order market prices.