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信息不对称是引起股价过度波动的重要因素,在股市的博弈中,机构投资者处于政府与个人之间,起着传导和加工信息的作用,并因此影响投资者的投资行为。构建政府、机构、个人三方博弈模型分析后发现,政府、机构、个人间信息不对称的程度与股市过度波动呈正相关关系,政策信号质量越差、机构投资者专业素质越低、个人投资者学习能力越低、信息传递机制越不完善,股市越容易出现过度波动。
Asymmetric information is an important factor that causes excessive volatility of stock prices. In the game of stock market, institutional investors are between government and individuals, which plays a role in transmitting and processing information and thus affecting investors’ investment behavior. After analyzing the three-party game model of government, institutions and individuals, it is found that there is a positive correlation between the degree of asymmetric information among government, institutions and individuals and the excessive volatility of the stock market. The worse the quality of policy signals, the lower the professional quality of institutional investors and the individual investors’ learning The lower ability, the less perfect the information delivery mechanism, the more likely the stock market to fluctuate excessively.