企業経営に寄与する株主の取引戦略と株式市場

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タイトル別名
  • Business Operations of Companies
  • 企業経営に寄与する株主の取引戦略と株式市場 : 株式市場と財市場が併存するエージェントベースシミュレーション
  • キギョウ ケイエイ ニ キヨ スル カブヌシ ノ トリヒキ センリャク ト カブシキ シジョウ : カブシキ シジョウ ト ザイ シジョウ ガ ヘイソン スル エージェントベースシミュレーション
  • - An Agent-Based Simulation that Both Stock Market and Goods Market Exist -
  • ―株式市場と財市場が併存するエージェントベースシミュレーション―

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<p> Artificial stock market research is an important topic of social simulation studies, and these studies focus on the following subjects. (1) Prediction of stock price, find out efficient trading strategies and analyze trading activities of human traders. (2) Institutional design of market mechanism that against market crash by speculative traders and panic traders, or design of efficient price determining algo- rithm in an inactive market. (3) Artificial intelligence studies such as evolutionary system, adaptation learning and more.</p><p> Most artificial stock market researchers are interested in trading activities inside of a stock market and not going to research outside of a stock market, such as the value, and activities of enterprise that float stock. Many papers are related to technical analysis that trace movements of stock prices, but researches of fundamental analysis in an artificial market are much lesser.</p><p> In this study, we design a multi agent system that is consisted of enterprise agents, investor agents, and consumer agents. Not only stock markets but also goods markets are constructed in our model. Both technical analysis and fundamental analysis are the implement as measures of investments. Through agent-based simulation, we clear up how trading strategies of investor agents in the artificial market influence business managements and what type of stock market is desirable.</p><p> Conclusions of this study are as follows. (1) Various investors and trading strategies, diversity in the stock market is important. (2) Stable stock price series is desirable. (3) Existence of technical analysis oriented investors is fine, but the percentage of them should not be too high in a stock market. (4) Personal investors who have not strictly defined investment strategies are good to stock companies.</p>

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