Structural Analysis Of Stock Market Investors Based On Evolutionary Game Theory

Since 1970, the structure of international investors in the stock market has undergone tremendous changes,institutional investors have Replaced individual investors, become the main stock market investors. In China's stock market, although the number of institutional investors has being gradual increased, individual investors, the main investors in the structure does not fundamentally change. In China's stock market the investors's status quo and development trend of the structure become a hot topic. As the relevant research has focused on qualitative analysis and descriptive prediction, but,there is little study about Investors structural dynamic evolutionary process. Whereas, studing their evolution can explore its evolutionary path and equilibrium structure, provide an important track enhancing securities market efficiency, and achieve protect of investor equity. So, the tasks in the dissertation are significant, whether in the theory or the practice.Basis on the overview of domestic and foreign investors, and evolutionary game theory, this paper first describes the status ,characteristics and changes of the stock market investors'structure, besides , has qualitative and Empirical analysis of the evolution of trends.Then,see Securities market as an investor group dynamic evolution of the ecosystem,uses tools of evolutionary game theory and models to analysis the path of the evolution of choice, balance characteristics and factors of investors'structure.Last, for China's securities market , Proposes operability proposed measures to optimize investor structure. Some significative conclusions are founded out in the dissertation, The evolution of securities investor structure bears multi-equilibrium characteristics, namely, possibly converging to the equilibrium of complete agencies investment, or full retail trade, or coexistence of former two behaviors. And its evolution path and equilibrium are affected not only investor's payoff function and initial state of securities market, but expect error of Retail traders, noise trade risk and so on. To promote the rational direction of China's securities market,from the view of investor Structural evolution , Requires to compensate for the inherent defects in the development of China's stock market, To allow institutions to invest in the establishment of a higher growth rate of the value of the corresponding institutional arrangements.there are two major findings in the dissertation, Firstly, the evolutionary game model of securities investor structure is set up. Comparing with classical quilibrium analysis method, the dynamics model can resolve evolution problem of investor population structure. Secondly, from the view of investor structure evolution, Analysises the impact of investors structural factors, makes corresponding policy recommendations To promote a rational stock market.