An Analysis Of The Behaviors Of Stock Market Participants Under Information Asymmetry

In the last more than ten years, stock market of our country, developing from nonexistence to existence and form small scale to large scale, has already become the importance constitutes of State economical life, and plays positive functions in national economy development. With the full affirmation to great achievements of our stock market, we should also clearly realize that our country stock market is still immature and has many problems. The dissymmetry information is the cause of a lot of tough problems, such as how to deal with the supervisions which are out of order, to remove the conflict of the benefit about the investors and the entrust-agency problem ,which are needed to be resolved urgently now, the economic theories of dissymmetry information and the games theory provided a terrace for study for us.At first, this paper analyzes the participant's present conditions of our stock market, and gives an explicit definition of the three mainly-existed participants: Government, listed companies and investors. It is typical that their information distributions are not symmetry. Then this paper makes use of the dissymmetry information theories to identify the participants of games , to analyze various categories of participant of dissymmetry information, and to inquiry into the subject behavior of games with the conditions of imperfect, dissymmetry information.Moreover, this paper explains the Government how to supervise and check out for controlling the marketing of list companies, trading , the deceitful report and opportunity cost of the cheating behaviors in the process of Quit listing by combining the actual circumstances of the our country and experiencing the experimental and substantial evidence . Thus, the good fair competition mechanism can be kept.The shareholders establish the superior encourage-contract, making use of entrust-agency theories, to stimulate and control the listed company executive, in order to avoid contrary choices before the event and moral risks after the event for the sake of the benefits of oneself.Personal investor judges the type of organization investor though observing the behaviors of them, and avoids the organization investor to entangle firm personal investor fund by the different trade price in the stock market, especially in the second-class market.Government, listed company and the investor, from their own aspect, put forwardthe policy suggestion of reducing the dissymmetry information of stock market on the foundation.