股价操纵与市场监管的博弈分析

通过运用博弈理论,对股价操纵与市场监管之间相互的决策进行了分析,博弈分析的结果表明,有效的股价操纵监管机制主要在三个方面的建立:一是加大对操纵者的处罚力度;二是监管主体不能缺位;三是监管主体不仅不能缺位,而且还应加大对监管主体失职的处罚力度。

The Game between Stock Manipulation and Market Supervision

Based on the game theory, this paper analyzes the inter-relationship between stock manipulation and market supervision and argues that three things should be considered to set up an efficient stock manipulation supervision system: Firstly, penalties for stock manipulation should be sharpened; secondly, the supervisor should not be absent; and thirdly, penalties for his breach of duty should be sharpened.