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《The Study of Finance and Economics》 2002-12
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Game Analysis of Behaviors of Government and Investors in China’s Stock Market

QIAO Guiming,ZHAN Yubo (Finance Department,School of Finance and Economics,Suzhou University,Suzhou 215021,China)  
Since its establishment,the stock market in China has experienced violent fluctuation for many times.Because the establishment of China’s stock market was an imposed institutional arrangement from above,and because the government bears a special status both as the main owner of the listed companies’ equities and as supervisor of the stock market,it leads to the situation that the government has to serve double functions of developing and supervising the stock market simultaneously,therefore,“the policy market”effect claims the main responsibility for the price fluctuation of the stock market.The operating process of the policy effect can be described as a signal game made between the government and investors.By the analysis of the game,this paper reveals the operating mechanism of the policy effect on China’s stock market,and based on which,the paper evaluates the effciency of China’s stock market dominated by the policy effect.
【CateGory Index】: F830.91;
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