An Research On Investor's Behavior Of China And Us Stock Markets Based On Competition-cooperation Perspection

The current view is that rational behavior is a kind of competitive behavior,behavior result makes the market reach competitive equilibrium;the corresponding "irrational" behavior is considered to be a kind of cooperative behavior,the behavior is to allow the market to achieve cooperative equilibrium.The understanding deviation of scholars on the relationship of cooperation and competition in the behavior of investors,will lead to the rational behavior and irrational behavior opposite;empirical research on investor behavior index,scholars often consider the irrational behavior,without considering the rational behavior.The reality of investor behavior is not simply competition or cooperation,is the coexistence of cooperation and competition behavior.Under this background,this paper from the perspective of competition-cooperation behavior,try to use the relationship of cooperation and competition in a unified framework of rational and irrational behavior,the degree of competition-cooperation in the behavior of investors is measured by the distribution of returns and the risk attitude.In this paper,we use the analysis framework of the classic economics of the competition-cooperation relationship between the product and the rational behavior,and reveals the competition-cooperation relationship between financial assets,the competition-cooperation relationship of the demand curve and the supply curve is further analyzed.The study found that: the rational and irrational behavior is the unity of opposites,they are unified in their behaviors are also competition-cooperation behavior;the opposite is the assumption of rational behavior of investors only have a risk attitude,which can be reached the competition-cooperation equilibrium,and that the irrational behavior of investors' risk attitude will change,and even risk lovers can not reach the competition-cooperation equilibrium.According to the conclusions of this paper,rational behavior and irrational behavior is a kind of competition-cooperation behavior with different risk attitude,Therefore,the article uses the distribution of returns and the risk attitude to measure the degree of competition-cooperation in the behavior of investors.The distribution of returns is used to determine the investor is rational competition-cooperation behavior or irrational competition-cooperation behavior:when the rate of return is a normal distribution,is a rational competition-cooperationbehavior;when returns are positively skewed distribution,the behavior of investors is the competition-cooperation behavior preference of cooperation;negative bias when the distribution of the behavior of investors is the competition-cooperation behavior preference of competition.However,the distribution of returns just to verify the macro situation of investors competition-cooperation behavior,we need to select other indicators to measure the degree of competition-cooperation behavior.Risk attitude represents the view that investors treat risk,which can be measured by risk compensation coefficient.The different risk attitude can be divided into rational behavior and irrational behavior,also represents the different degree of competition-cooperation.This paper uses the risk compensation coefficient index to measure the degree of competition-cooperation behavior,constructing a GARCH-M model,selected four stock market index data,the overall behavior of investors as the research object,the empirical test of the degree of competition-cooperation between Chinese and American investors.The empirical results are as follows: according to the standard of returns,the China and US stock market's returns are negatively skewed distribution,the behavior of investors in the market is the competition-cooperation behavior preference of competition;according to the risk compensation coefficient,the Shanghai market's risk compensation coefficient is smallest,second is the GEM market,then the Nasdaq stock market,finally is the S & P market.The degree of competition-cooperation in the U.S.stock market is less than the Chinese stock market,which also indicates that American investors are more cooperative than Chinese investors.The empirical results are consistent with expectations,which further verified the theoretical thought of this paper,that competition-cooperation behavior theory can explain the behavior of investors,especially give the unity of opposites of rational and irrational behavior to a comprehensive interpretation.At the same time,according to the results of empirical study on the market of China and the United States,the differences in the degree of competition-cooperation behavior between the two countries are analyzed,which help investors make reasonable decisions and promote the stability of Chinese stock market.