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Securities market regulation based on game theory research

Author: CaoLei
Tutor: HaoXuGuang
School: University of Foreign Trade and Economic
Course: Finance
Keywords: Game Theory Balanced Strategy Incentive compatibility
CLC: F224.32
Type: Master's thesis
Year: 2006
Downloads: 502
Quote: 2
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Abstract


1990 marks the establishment of the Shanghai and Shenzhen Stock Exchange China centralized securities trading market was officially formed. After 15 years of construction, as of December 31, 2005 Chinese domestic listed companies from 1381, the total stock market capitalization 3.2431 trillion yuan, accounting for 17.79 percent of GDP, the Shanghai and Shenzhen A total 188.25 billion yuan to raise funds for China's economy rapid development has made tremendous contributions 1. Securities market in the promotion of industrial restructuring, optimize the allocation of resources and the promotion of economic development entities played a huge role. However, there are many long-standing problem of China's securities market, which greatly influenced the development of securities markets and economic growth. From the establishment of China's securities market began, the stock market scandals it has not stop too. From the \Strengthen supervision in the calls for social demands, the government securities market regulation indeed stepped up efforts to develop a series of regulations, dealt with a number of violations, but the effect does not seem satisfactory, the market is still constantly broke new scandal . The harsh truth let us reflect: why legal norms, the number of participants in the securities market is still moths? What is the market participants violation intrinsic motivation? What causes our securities regulatory failure? How to improve China's securities market monitoring the quality and efficiency? ...... This article draws on the domestic securities market regulation on research methods and results, the question of China's securities market has been systematically studied. Game theory is introduced into the study of securities market regulation to game theory as the main analytical tool, stock market participants by examining behavioral characteristics, accurately grasp the market characteristics of the participants of the game, set up a game theory-based Theoretical analysis of the securities regulatory framework. Game model is constructed, it will be a classic game theory model - R. Kassel \: both in the short and long term, increase the regulators malfeasance punishment than aggravated violations against being regulated are more conducive to reducing the cost of securities violations occur. Meanwhile, the structure of the public between investors and securities regulatory authorities, regulatory authorities and listed companies, there is a competitive relationship between the companies listed game model, the use of Nash equilibrium analysis method for solving equilibrium strategy game of all parties, thereby identify the impact of policies and strategies variable market factors, lack of transparency in the market come to the case of absence of regulatory authorities incentive regulatory failures led to a key factor in the securities market. In addition, by examining China's securities regulatory system and the existing regulatory policy on the market efficiency, the development of China's securities market reveals the presence of institutional deficiencies, given the securities regulatory policy formulation and implementation of the theoretical basis and a number of specific policy recommendations. The main innovation lies in the R. Kassel \

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
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