Under Asymmetric Information The Impact Of Several Rounds Of The Game On Trading Volume

Volume, as important information in the market, reflects the public and internal information, through the research on volume could be more in-depth understanding of the structure of market. Many scholars made studies in-depth, but the research about the domestic stock market trading volume academic factors in China is not complete. The influential factors about China’s securities trading volume are still unclear, and this problem is crucial of our understanding the China’s securities market. Analyzing the volume factor is very important. Information is the core element of the market, and information asymmetry is the inherent phenomenon of the market, then market participants, through the game under case of asymmetric information, impact on the market. If took the efficiency of markets as a project, the information and the game are its foundation and steel beam. Researching the influence of market information and the game on the market efficiency places a vital role for us to know the market structure and efficiency. Having a full realization of the factors of trading volume can help investors make the right portfolio decisions to increase return. It can also help government to regulate the listed companies.Different form reaction with price, trading volume reaction reflects in the market future expectations inconsistencies between different investors in the process of information was absorbed. Based on the new understanding of investors in connotation of the information asymmetry, basic on modem portfolio theory and other financial theories, and according to foreign reference, search more factors that influent trading volume and analyze them by panel data. In the111listed companies, according to China’s Shanghai Stock Exchange from2002to2013, during the week of12-year data, estimating systematic risk and non-systematic risk through the rolling mode. Using panel data analysis method, try to explore, from different angles, influence of the stock trading volume by investors’different response to owned information. The study found:investors with asymmetric information and the response of asymmetric information significantly influences the change of volume. More specifically, there is a positive correlation relationship between trading volume and the degree of asymmetric information; the greater the proportion of informed traders, the smaller the change of volume; the greater the proportion of irrational traders, the greater the volume change; the greater difference in information between uninformed traders and informed traders, the greater the volume will be bigger.