国有股流通与减持的博弈分析

国有股的流通与减持是增进资本市场效率，实现证券市场长期稳健发展的重要步骤．流通和减持涉及到不同主体的利益调整，流通和减持的过程是政府主导的，政府、原流通股投资者、国有股实际持有人3方双重序列博弈的过程．政府利用先行者优势，通过选择适当的行动策略和制度安排，可以实现充分满足自身效用函数的博弈均衡．

PECATION OF GAME THEORY TO NEGOTIATION AND REDUCTION OF STATE-OWNED SHARES

Negotiation and reduction of state owned shares is the important step to improve effiencency and realize long term stable development of the capital market. This step changes the interest structure of the government, the actual holders of state owned shares and the holders of negotiable shares. In fact, it is a serial double game between the 3 bodies. Government can achieve equilibrium that best satisfies its utility function by using the first mover advantage and through appropriate arrangement.