The Research On Causes Of Over-speculation In Chinese Stock Market By Game Theory

that is close relative to the speciality of security is a natural situation in the stock market. Though speculation could make the stock market run well, it is a damage to stock market and even the whole economic system when speculation is exceeded.Since its establishment, china's stock market has seen a rather rapid growth and formed a fundamental mechanism in a comparatively short period of time. However the over-speculation has became the main problem of the market and seriously hindered its further development. In the impact of the global financial crisis at the present time, how to restrain the ove-speculation and avoid the fluctuation of stock market impacting the real economy has become the key of the china economics development.Finding out the crux is the key to solve the problem. Since the strategy's choice of the participator is the result of their game, the paper constitute the game's model that involve all participater (joint-stock company, government, banker, retail investor), and do the game's model, conclude the fundamental cause of over-speculation is that joint-stock company's behavior is unclean, outstanding achievement of management is too bad, be devoid of the investment value.In order to restrain the ove-speculation,the participator should make great efforts to promote the stock market would run better. The company should improve its ability of acquiring profit and return to the stockholders. The government should focus its attention on construction the system and cut down the direct control. The securities association of china should strengthen the industry self-discipline to advance the development of the stock market. It is also better way to make for the stock market that enhance education for all-round development of investor and develop the group invester to change the configuration of investor.