| This paper that is to study the interests protection of the stock market investorsfrom the aspect of information spillovers are mainly divided into three parts to bediscussed. Based on the basis of theoretical analysis about the relation of informationspillovers and the security market,also based on the analysis of information spilloversand the perception risk of the medium and small investors, and with the empiricalstudies of some scholars had finished, this paper propose a formula that is to measurethe profits of the non-rational investors, from this formula the protection of theinterests of the medium and small investors can be divided into the external protectionand the internal protection. Then this paper put out the theoretical and empiricalanalysis from the level of the external protection and internal protection to protect theinterests of the medium and small investors. Finally, it analyzes the close relationshipbetween the internal and external cross-the social economic network and thebehavior of the medium and small investors.Specifically, the main content of this paper can be divided into the following fiveparts:Firstly,the paper structure the basic theory of the information spillovers and thesecurities market. Proposing the concept of the information spillovers and theinformation reward, analyzing the asset pricing of the information reward and thesources of the information reward,the relationship between the information rewardand the information cost, defining the three kinds of information state of the stockmarket.Secondly,the paper analysis the relationship between information spillovers and theperception risk of the medium-sized investors,the perception risk can measure the non-rational degree of investors,the perception risk of investors can be divided intorational perception risk and the perception risk that is based on the psychologicaldeviation of investors, and prove that the perception risk of securities investment islow when the stock market has positive information spillovers, and propose a formulathat measures the yield of the medium and small investors.Thirdly,the paper analysis the external protection of the interests of the medium andsmall investors from the angle of the information spillover. Using the game theory toanalyze the correlation of the insider information supervision and investor protectionof the interests,and the relation of listed Corporation’s information disclosure and theinvestor protection of the interests, empirically analyzing the relationship betweenearnings management of the listed Corporations and the investor protection of theinterests, and the relationship between the shares catering motivation of analysts andthe interests of small investors,and the relationship between investor education andthe behavior.of the medium and small sized investors. Fourthly,.the paper analysis the internal protection of the interests of small andmedium investors from the angle of the information spillovers. The medium and smallinvestors have a certain way of learning and the reflecting mode to information, thereare eight kinds of irrational behavior of the medium and small investors, there existsthe effect of "the later is better." that is pointed out by the method of questionnairesurvey. And with constructing a mode of investing game for medium and smallinvestors, finds that when the stock market has positive information rewards,investors will return to the mode of the value investment,and investors can choosesuitable investment methods and emotion control ability to safeguard their owninterests.Finally,the paper analysis the relation of the social and economic networks and thebehavior of the medium and small investor. The structure of the social and economicnetworks and the network connection will affect the behavior of investors, it isnecessary to construct the stock market culture to protect the interests of the mediumand small investors,and the consensus formation is closely related to the the stockmarket culture. |
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