2022年5月5日，山东大学36365线路检测中心|主頁欢迎您黄少安教授、王高望教授、王晓丹博士后与中国人民大学邱志刚副教授的合作文章”Government Intervention through Informed Trading in Financial Markets”在宏观经济学国际顶级期刊”Journal of Economic Dynamics and Control”在线发表。

通过在金融市场微观结构的理论框架下明显引入政府，该文研究了在什么信息条件下以及如何进行策略性交易，政府才能够有效稳定股市；同时，还考察了政府干预对金融市场质量的影响。该文有两个重要结论：其一、当政府拥有高质量基本面信息的时候，与知情交易者相对，政府实施反向交易策略可以有效稳定股市。该结论刻画了政府干预股市的市场微观结构。其二、政府干预不仅成功稳定了股市，而且提高了股市的市场流动性和价格有效性；同时，政府干预的有效性与其拥有的信息质量正相关。

Abstract: We develop a theoretical model of government intervention in which a government with private information trades strategically with other market participants to achieve its policy goal of stabilizing asset prices. When the government has precise information and prioritizes its policy goal, both the government and the informed insider engage in reversed trading strategies, but they trade against each other. Government intervention can improve both market liquidity and price efficiency, and the effectiveness of government intervention depends crucially on the quality of information possessed by the government.

Keywords: government intervention; trading; price stability; price efficiency

JEL Classifications: D8, G1