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Research On The Game Of China Security Market

Posted on:2003-06-21Degree:DoctorType:Dissertation
Country:ChinaCandidate:X Y WangFull Text:PDF
GTID:1116360092480105Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
21st century will shift the focus of world economy to modern finance and intellectual property rights. The original drive for the economic increase in 21st century is the knowledge-economy-centered modern science and technology and their use in industries. The economic increase of science and technology will be somewhat impossible without the backing up of modern financial system of great function and speed. Security market, as the basis of modern finance, is drawing more and more human attention in the adjustment of industrial structure, the optimization of resource distribution and economic development. Security market is of great contribution in the process of market construction. But China security market, which characterizes typical market economy on the basis of the traditional planned economy, is of great service in the economic development of our country and in the reform of state-owned enterprises. Yet at the same time many problems exist. It is of great theoretical value and realistic significance to study the general laws in the development of security market for cracking the hard nuts of China security market.This paper makes a systematic analysis of the chief problems existing in China security market by using game theory as the chief economic analysis and by absorbing and perfecting the research results on security market home and abroad. It tries to find out the game equilibrium strategies of market participants, their policies and market factors that affect their strategies by observing their preference, establishing their bilateral and multi-lateral game models and making use of the analytical method of Nash equilibrium. The paper studies the effect that current security supervision and management system and policies leave on the market efficiency, revealing the deep causes of the major problems in China security market, pointing out the defects in guiding ideology and theoretical research in the development of China security market, offering the theoretical basis and some concrete suggestions in making and carrying out security supervision and management policies. It applies game system in the research of security market, mastering the game characteristics of participants of security market, opening up the new realm of applied research. The paper, from the viewpoint of game theory, proposes a theoretical analysis frame of securitysupervision and management, giving some game analysis to supervision and management policies, reaching some important conclusions, thus improving the general supervision and management theory of commodity market, remedying the defects of economics in the field of security supervision and management research. The paper is divided into five parts: brief introduction to China security market and its research, listed companies and game analysis of investors, game analysis of organization and individual investors, security supervision and management and their policy analysis, the application on the game analysis of supervision and management policy. The chief contents include:I. The paper puts forward its own approach on the basis of the summery and analysis of the development, the problems and the research of China security market.II. It makes a systematic game analysis of the strategic behavior between listed companies and investors. It studies, on the basis of a brief account of the general n 'ationship of listed companies and investors, the information transmissi model of new stock issuing of the initial Public Offerings and stock ownership shift of extra issuing and stock-allocation of the second-hand market. It reveals, through equilibrium analysis, the effect that signal costs of the listed companies have on the game strategies and market efficiencies. It offers the theoretical game expounding for the best-capital structure and the exchange conditions of stock holders' and creditors' capital. By using repetition game, the paper makes a study of the difficulties of fund-collecting of the listed companies, suggests a few ways to g...
Keywords/Search Tags:security market, players, game, Nash equilibrium, supervision and management policies
PDF Full Text Request
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