建立基于中国证券市场条件的知情交易者市场操纵模型.通过引入融资融券保证金限制,分析了知情交易者、被动型理性交易者和半理性噪音交易者的交易策略,并获得市场操纵过程中各期的均衡结果.进一步分析融资融券保证金限制、半理性噪音交易者理性程度、似真信号准确性对均衡结果的影响,并提出相应的政策建议. The market manipulation model of the informed trader based on the conditions of China’s securities market is established.By introducing the margin restriction of margin financing and securities lending, the trading strategies of informed traders, passive rational traders and semi-rational noise traders are analyzed, Term equilibrium results.Further analysis of the margins of margin trading, semi-rational noise traders rational degree, the true signal accuracy of the equilibrium results, and put forward the corresponding policy recommendations.