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股市的“规模效应”的成因,或者可称之为“小公司异象”的成因,是行为金融学领域研究的一个重要课题。本文运用基于有限理性假设的演化博弈理论,将噪音投资者(散户)与机构投资者(庄家)作为两个不同的参与人进行分析,得出了在散户的资金占股市总资金比重较大的情况下,小公司的股价会因为需求增大而上升,从而带来更高收益的结论,因而为小公司异象提供了一种解释方法。
The causes of the “size effect ” in the stock market, or the cause of what can be called “small company vision ” is an important topic in the field of behavioral finance. Based on the evolutionary game theory based on bounded rationality, this paper analyzes the relationship between noise investors (retail investors) and institutional investors (banker) as two different participants, and finds that the proportion of the total funds of retail investors in the stock market is larger In that case, the small company’s share price will rise as demand increases, leading to higher-yielding conclusions, thus providing an explanation of the small-company vision.