QFII进入中国证券市场后的博弈结构

Signaling Game of the Chinese Security Market Structure after the Introduction of QFII System

摘要: 通过对境外机构投资者(QFII)进入中国证券市场后市场结构的变动进行博弈分析,建立了QFII与本地机构投资者(DII)的信号传递博弈模型,并对QFII, DII和PI(个人投资者)3者之间的博弈进行了分析.结果表明, 由于QFII拥有对股市的分析判断能力、对信息掌握程度及资金实力等方面的优势,QFII将成为证券市场的主导力量,并引导市场投资理念由外生导向的资金驱动型转向内生导向的价值驱动型.
- 博弈 /
- 纳什均衡 /
- 证券市场 /
- 合格境外机构投资者 /
- 本地机构投资者 /
- 个人投资者
Abstract: Based on the analysis of the structural changes to be resulted from the introduction of QFII into China, the signaling game model forQFII and DII (Domestic Institutional Investors) is proposed. With the strong abilities to analyze security markets, abundant information and finacial resources, QFII will become the leader in the Chinese security market. Under the influences of QFII, the investment philosophy of Chinese investors will change from fund driven to value driven.
- game playing /
- Nash equilibrium /
- security market /
- FQII /
- DII /
- PI

点击查看大图