中文摘要：

基于市场参与者非理性行为假设,从供给需求分析出发,研究股票市场的量价关系。首先假设市场参与者具有＂急于实现盈利＂同时＂不愿结算浮亏＂的行为特征,通过供求分析,给出股票市场中的需求曲线与供给曲线,然后设定初始均衡,采用经济学中的比较静态分析方法,研究新信息到来时对初始均衡的影响,进而分析新信息的到来对成交量和价格的影响。结果发现,成交量和成交价格的变动正相关,成交量和成交价格变动的绝对值正相关。最后使用计量经济学方法,基于中国A股市场的个股日度数据进行了实证检验,实证结果支持了上述结论。

英文摘要：

Based the assumptions on market participants＇ irrationality and from the demand-supply perspective,the paper studies the volume-price relationship in stock market.Firstly the paper assumes that market participants＇ are urge to win and delay to lose,and derives the demand curve and supply curve in the stock market through demand-supply analysis,then defined the initial equilibrium,and applies the comparative statics to study how new information arrival influences the initial equilibrium.It is found that volume and price change are positively correlated meanwhile volume and absolute price change are positively correlated.The paper finally run empirical tests based on the historical data in the Chinese A stock market,and the empirical conclusion support the theoretical conclusion.