The Research Of Participants Game Behavior In The Shanghai And Shenzhen Stock Markets

Through the development for more than 10 years, Shanghai and Shenzhen stock market have developed greatly. They have already become the corpus of our country's capital market and a reflection of our country's barometer in the economic condition. This paper mainly aim to introduce the game theory to study the issue of the Shanghai and Shenzhen stock marketsGovernment, institutions and individual investors are three essential elements of Shanghai and Shenzhen stock market game in our coutry. Research about the relations among these three elements is one of the effective breakthrough points to discover and resolve the current problems of China's Shanghai and Shenzhen stock markets.Through the game behavior's research in organizations, we can realize that there are cooperation game and non-cooperation game. They will choose different strategies in different market environment based on their own assessment criteria to achieve the maximization of their own interest,and in the same time institutional investors can also resolve market risks though the principles of game theory. Through the game behaviors discovery between institutions and individuals, we may realize the importance of protecting the middle and small investors' benefits. Individual investors can use the game theory to analyze the Shanghai and Shenzhen stock markets, avoiding being made use of institution operations.Through the game behaviors research between the government and the institutions, we may know that the government's key work are strengthening the market supervision's reform and the innovation, raising the supervision efficiency, and simultaneously guarding against and melt the possible questions in stock market. This paper also explain relevant research results through case study.Finally, based on those discussions, this paper states some correlated countermeasures and suggestions.