Research On Behavior, Environment, Prevention And Control Systems Of Information Manipulation In China's Stock Market

Information manipulation of the stock market is not only the important component of stock market manipulation, but also the preferred way of the stock market manipulation behavior. Information manipulation of the stock market make the manipulation behavior so seriously that it affects the normal playing of the stock market, also interferes the exchange order and cracks down the investor's confidence. The information manipulation was changing from public to hidden, from local to whole, from enterprises to industry, from short-term to long-term in 17 years of china stock market growing process. Information manipulation is a vicious circle, so build the prevention and control systems of information manipulation have become an immediate need.This paper reviews the related literatures of stock market information manipulation. It discussed the status quo and problems, the hypostasis and characteristic, the influence and harm, the evolution and trend of stock market information manipulation. Through analyze the basic status quo and the behavior features of China's stock market information manipulation, this paper analyze theoretical the fundamental reason of china's stock market information manipulation, from the perspectives of informatics, economics, psychology, investment science and the game theory. At the same time, it discussed the mechanism of china's stock market information manipulation from the perspectives of information manipulation environment, form, theory, step, embroidery etc. Then this paper constructs the evaluation model of stock market information manipulation, designs the evaluation indicator system of stock market information manipulation. Through constructing the prevention and control system of china's stock market information manipulation, paper puts forward the health, sustained, rapid, harmonious and developmental path of china's stock market information manipulation, from the perspectives of early warning system, monitoring system, defense system, emergency system and punishment system.Finally, paper demonstrates information manipulation and prevention control using the way of representative affairs.The main contents include:The first chapter is the introduction. On the base of introducing the subject background and meaning, it summarizes the status quo of information manipulation in china and in abroad, confirms the researching frame and way, and puts forward the innovative points.The second chapter is the mode analysis of china's stock market information manipulation. It analyzes materially the information manipulation behavior of china's stock market, from the perspectives of economic supply and demand, psychological motivation and need, investment and gamble, sociological information communion and monopolization.The third chapter is the analysis of the behavior characteristic and using the game theory to analyze china's stock market information manipulation. Using the way of representative affairs, it particularizes and analyzes the statue quo of china's stock market information manipulation, concludes the collectivity characteristic of china's stock market information manipulation, summarizes practical harm of china's stock market information manipulation, also analyzes the trend of china's stock market information manipulation. Using the game theory, it analyzes the strategies, outcome and equilibria of the unsymmetric information, the false information transmission and the supervision in the stock market.The forth chapter is the mechanism of china's stock market information manipulation. It opens out the operation mechanism of stock market information manipulation, builds the procedural fundament for prevention control system, through the simulative clairvoyance on the environment, form, theory, step, embroidery of the information manipulation.The fifth chapter is the design of evaluation indicator system to stock market information manipulation. According to the systematic, comprehensive and practical principles, it constructs the evaluation model, the way and the indicator system, also evaluate concretely the degree of stock market information manipulation using that system.The sixth chapter is the build of china's stock market information manipulation prevention control system. Through constructing the prevention and control system of china's stock market information manipulation, paper sets up the early warning system, monitoring system, defense system, emergency system and punishment system of china's stock market information manipulation.The seventh chapter is the representative case of china's stock market information manipulation, prevention and control. As an example to the Shanghai Stock Exchange *ST Jintai price trend in 2007, it analyzes storied the information manipulation behavior of the whole exchange and transaction process, and does demonstration research combine other models designed by the author.The eighth chapter is the conclusion and the expectation. Through previous studies, it educes the conclusion about the degree between weak manipulation and commonly manipulation of china's stock market information manipulation, and put forward some periscopical advice to previous problem.