Research On Abnormal Trading Behaviors Of Investors And Control Mechanism In China’s Stock Market Based On Dynamic Game Of Incomplete Information

In recent years, with the development of the securities market, theabnormal transactions in the market has become increasingly prominent, insidertrading, market manipulation, false statements and other unusual transactions, the lackof investment in the securities market function. These unusual transactions reflectsChina’s securities market of the flaws in the system design, also shows thatthe asymmetry of information, lack of fairness and efficiency in China’s securitiesmarket and strong moral hazard. Deepen the reform of system, mechanism, theestablishment of a fair, unified market system, control, strengthen the supervision ofthe stock market and the management behavior be imperative.The abnormal trading conducts research in the stock market, and will focuson the manipulation of the market based on insider information. Based on the analysisof literature, obtains our country stock market insider information of the marketmanipulation behavior subjects based on mainly institutionalinvestors. Have insider information institutional investors occupies theabsolute dominant position information insecurities trading, securities pricing and theimpact of market capacity. Through the analysis of market manipulation oninstitutional investors, construction of the asymmetric information game modelbetween the inside information of institutional investors and uninformed retail based,and through the analysis on the separating equilibrium and pooling equilibrium stateof the model, the institutional investor has different typesof insider information, affect the transaction behavior of individual ability, so asto achieve their desired equilibrium, additional revenue.Research on effective control mechanism of the abnormal tradingbehaviors of investors in the game, with the regulators and institutionalinvestors, analysis and draw some conclusions, and for regulators to effectivelycontrol the abnormal transaction mechanism and put forward some suggestions.