| The research's direction of this topic is policy influence and investor behavior of Chinese stock market.On the stock market of China features,the text account that investor and government each other game in order to earn maximize proceeds.The text find balanced point of the game by way of avail-functions each other. The text analyze source of "policy market".The foundation on which a lot of date is built, the text is used demonstration method to showing the distinct "policy matket",and the text establish model for detailed explaining government's target function different from the investor.Articl educed game balance at different environment. At the same time,it educed game balance to explain the policy of state-owned share decrease influence market.The articl advance the suggestion of policy effect,and the government switch role inside Chinese stock market system innovation of chapter 6.In the text,the second emphasize particularly on three important factor of behavioral finance theory are "herd behaviors","noise trading", "dispositioneffect",and the method still is foundation data analysis,to establish the model with the demonstration analysis. Behavioral finance is everywhere that people make financial decisions. Psychology is hard to escape; it touches every corner of the financial landscape, and it's important. Adopted the Sanders in the treatise of the "herdbehavior" with the Irwin(1997) theories, establish the model, and quote from country authority scholar's conclusion.The articl discuss the characteristic of the "herd behaviors" and important purpose of directing investor meaning.Text discuss backgroud of "noise trading",to establish the Nash equilibrium,and adopt to DSSW model of J.Bradford De Long and Andrei shleifer(1990).At last, it deduce the balanced price of the market. On analysis investor "dispositioneffect",it educe investor "dispositioneffect" two useful reasoning and investor suggestion.The state of China's current securities market makes it impossible for investors to pin hopes on obtaining long-term capital appreciation through long-term investments. Instead they have to be all the more bent on earning proceeds by engaging in short-term speculation. Moreover, the scale of the securities market remains relatively small. As a result, the operation of such a market shows, to a large extent, the characteristic of the "policy market" and the "subject-oriented market", making it urgent to improve the country's social environment for investment in securities. |
