| Securities market is an important part of the capital market, and it plays an important role in the market. With the development of the stock market, the supervision of the securities is developing gradually. But comparing with other countries, the stock market of China is at the primary stage. The law and supervision are not perfect. Under this environment, the securities of China have many problems. Illegal behavior is pervasive in Chinese securities market. This leads to lots of system risk and break out in recently. The game theory applies in lots of fields as a theory that it main interests in researching decision-making of people and equilibrium problem of this decision-making under reciprocity condition. The game theory also has applied extensively in capital market. In securities market, information is the most asymmetric and most important and central. This paper analyses the problem of Chinese securities and advances the methods to solve them.This paper is divided into four parts. The first part reviewed Chinese securities market construction and the correlation .Then it analyzes the importance of Chinese securities. The second part describes the theory summary of regulation. And the theory has three stages. The first stage is the"public interest theory", and the second stage is mainly founded on the base of arguing against the"public interest theory", and the third stage analyzes the regulation from the point of view of imperfect law. The third part analyzes the problem in Chinese securities market, including rent-seeking in Chinese securities issue market and illegally behavior of exchange market. Through analyzing, we found a rent-seeking model of issue securities market and a supervised game model in securities exchange market. The fourth part proposes some methods to solve the problem in Chinese securities market. The last part proposes a summarization and pointes out that Chinese securities market must find a right way . |
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