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本文用博弈论研究了中国的证券市场的参与主体——个人投资者和机构投资者的博弈。详细论证了个人投资者和机构投资者分别在完全信息条件下的静态博弈、不完全信息静态博弈和动态博弈以及机构投资者之间的博弈。最后对于各种模型进行了总结和针对各种情况提出了建议:我们应该大力发展机构投资者的同时,完善资本市场的制度建设,增加信息的透明度。
This paper uses game theory to study the game participants in China’s securities market - individual investors and institutional investors. The static game, incomplete game and dynamic game of incomplete information and the game between institutional investors under the condition of complete information are respectively demonstrated in detail by individual investors and institutional investors. At last, it summarizes the various models and puts forward suggestions for various situations: While we should make great efforts to develop institutional investors, we should perfect the system of capital market and increase the transparency of information.