China’s Stock Market Between Individual Investors And Institutional Investors Game Analysis

According to the viewpoint of game theory, the securities market is efficient orinefficient state regardless of market participants, are the result of the game.In the reality ofthe securities market, both the game do not know each other in the amount of capital level,intervention time range, the holding cost, lead investors only in various uncertain backgroundgame decision making.China’s securities market itself is not a completely symmetricinformation game, the game theory knowledge into China’s securities market, with the gametheory as the main tools of economic analysis, grasp the market participants characteristics ofthe game, respectively, in asymmetric information condition, from individual investors andinstitutional investors angle through the establishment of static and dynamic game model,studies on both sides of the investment strategy, and then find the impact of policy variablespolicy.Securities market is relatively fair game, can improve yield, improveefficiency.Therefore, from the perspective of investors’ decision-making behavior, using gametheory as the analysis method, reference and development of current domestic and foreignscholars about the financial market research and summary, reveals China’s securities marketon the existence of economic phenomena, based on individual investors herding behavior ofinstitutional investors, as well as to avoid power, on the behavior of, reveals the importance ofinformation disclosure, this also is the main purpose of this paper.This paper draws theconclusion: the developing institutional investors are also the basis of management should bestrengthened, at the same time as the securities market investment practice providesdecision-making basis, to protect the individual investor has realistic guiding significance.The paper is divided into five chapters.The first chapter analyzes the background,research progress, the main research tool and main content.The second chapter is theindividual investors under the perspective of market strategy research, the third chapter is theinstitutional investors under the perspective of market strategy, in the fourth chapter, underthe condition of information asymmetry of individual and institutional investorsdecision-making research, the fifth chapter is the conclusion and the prospect.