【摘要】 通过构建一个三方博弈模型 (及假设的递推扩展 )对我国证券市场存在的虚假陈述、内幕交易和市场操纵等机会主义行为进行博弈分析 ,揭示了证券市场机会主义盛行的结构性原因。只有完善上市公司法人治理结构、运用第三方治理机制 (证券诉讼和证券仲裁 )对中小投资者实施法制保护、加强规制以及市场监管和规范 ,证券市场有效性才能得到改善。更多还原

【Abstract】 Composed on a three-participators game model, this article is concerned about capital market opportunism, such as false disclosure, inside trade and market manipulation. By disclosing the constitutional reasons of opportunism on stock market, the author suggests to consummate the institution of corporation governance, to strengthen protection for individual investors by means of third-party governance ( suits or arbitration), to improve regulation of institutional investors.Therefore, the efficiency of capital market will be expected.更多还原