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中文摘要：
建立基于中国证券市场条件的知情交易者市场操纵模型.通过引入融资融券保证金限制,分析了知情交易者、被动型理性交易者和半理性噪音交易者的交易策略,并获得市场操纵过程中各期的均衡结果.进一步分析融资融券保证金限制、半理性噪音交易者理性程度、似真信号准确性对均衡结果的影响,并提出相应的政策建议.
英文摘要：
Based on Chinese stock market, the model of stock price manipulation though private information is found, Conditional on restriction of financing and security loan, trading strategies of informed traders, passive rational investors and semi - rational noise traders are analyzed, and the equihbriums of stock manipulation in different periods are obtained. What＇ s more, influences of restriction of financing and security loan, the extent of ration of semirational noise trades and precision of signal closer to truth on stock market are discussed. At last, some adviees are presented.
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