Research On Securities Transaction Strategies Based On Game Theory

The research on the equilibrium of securities business is the eternal subject of finance theory and practice. From the view of bargaining, no matter the investor considered anything, so long as the property can strike a bargain- says from the static angle-it may regard as equilibrium about two sides of business towards the property price. The property transaction carries through continually, so the equilibrium price produces continually. Such many equilibrium prices may similar and also may discrepant quite a lot. Speaking of certain time, the equilibrium price is undulate, and it is the homeostasis. The homeostasis may be divided into stable equilibrium and unstable equilibrium.The appearance of equilibrium price and the equilibrium stability are decided by investor's transaction strategy as well as the transaction strategy game. According to the basic characteristic of our country's capital market, the thesis gives the investor's basic transaction strategy unified the finance theory, and adopt game theory to does analysis towards transaction strategy. Firstly, the thesis brings forward that the property combinatorial theory has given the risk dispersing thought, but its property combination choice can not guarantee the most superior investment strategy. Because when the investor's strategy is clearly understood by other investors, it is possibly that the rival will choose the pointed strategy, which leads to the investment failure. That is the game between the investors. Secondly, the thesis has analyzed the influence about the recent information to the investor's invest strategy, and simultaneously has carried on the game analysis to the investor strategy. It has discovered the investors could hide their transaction strategy under certain condition, while they could expose their transaction strategy under certain condition in order to achieved respective investment goal. Thirdly, through the game analysis towards investor's transaction strategy, the thesis discovered some investors still have the possibility to appear the investment loss under the disturbance of other investor's transaction strategy. At the same time, the thesis has analyzed the phenomenon of response insufficiency and response excessive in the transaction process through game. And the last, through the game analysis the thesis has explained that any investment pattern has the self-destruction. Namely any pattern cannot bring excessive income because investor's game. The investor only can judge the probability of some kind of strategy adopted by other investors. Then they deicide use the corresponding strategy. The securities business deducts in investor's transaction strategy game. The investor's transaction strategy game most direct responses in the equilibrium price of property and the equilibrium stability. The equilibrium price and the equilibrium stability simultaneously are affecting the investment transaction strategy.