股票市场操纵行为的模型分析  

Stock Market Manipulation:a Model Analysis

作　　者：徐爱农[1] 

机构地区：[1]同济大学运输管理工程系,上海200092

出　　处：《同济大学学报（自然科学版）》2007年第7期998-1002,共5页Journal of Tongji University:Natural Science

摘　　要：运用操纵收益模型分析了股价操纵者模仿内幕交易者进行市场操纵的过程,并分析了影响操纵成功的因素及操纵者、跟风者的收益状况.研究结果表明,与操纵者相比,跟风者承担的风险较高而获得的收益较低;减少市场内幕交易可以在一定程度上遏制市场操纵行为;在市场整体价值水平保持平稳,或保持稳定提高的情况下,出现市场操纵的可能性较大,监管者尤其要加以重点关注.A manipulating profit model is used to analyze the manipulating process of a manipulator who acts as an insider. Then factors affecting manipulation and profits of the manipulator and the followers are studied. The analysis shows that the followers face more risks and get less profits compared with the manipulator. Market manipulation can be checked to some extent by reducing inside trades. When market value remains stable or grows stably, it is easier to manipulate stock prices. Therefore, the market supervisor should pay more attention to market activities.

关 键 词：股票 股票市场 操纵 股价操纵 内幕交易 

分 类 号：F830.91[经济管理—金融学]