证券市场价格行为系统动力学研究

区分了证券市场上基于基本面因素和基于股价变动交易的两类投资者,建立了证券市场的系统动力学模型,刻画了证券市场的基本结构和内部信息反馈机制,模拟和分析了基于基本面因素交易的投资者信息差异程度、公共信息、投资者流动性需求、心理特点以及两类投资者的相对比例对价格及成交量行为的影响.

Study on price behavior of security markets with system dynamics

This paper distinguishes two categories of investors in security markets by the differences of decision basis. A system dynamics model is established to describe the basic structure and information feedback mechanism. We simulate and analyz how the difference of the proportion of two types of investors, private information, public information, psychological characteristics and liquidity need of investors affect the volatility of price and trading volume