The Empirical Study of the Characteristics of the Bankers' Manipulation in Shenzhen Stock Market

The paper uses the data of Shenzhen Stock Exchange in 1999-2000, analyzes the significance of effects of the factors of revenue, industry, the size of listing\|share, the bankers' manipulation measured by the index of the ratio of large investors holding shares, on the stock price changing measured by the excess\|vibration\|extent of stock price with the method of the pair\|sample \$t\$\|test, and obtains the evidence that the bankers' manipulation affects significantly on the excess\|vibration\|extent of stock price. Based this work, the paper uses the method of the 2\+4 factorial design, studies the main effects and interaction effects of these four factors on the excess\|vibration\|extent of stock price, and acquires the evidence that only the bankers' manipulation factor affects significantly the excess\|vibration\|extent of stock price. Therefore the paper finds out the cogent empirical evidence which sustains the conclusion that there is the characteristic of bankers' manipulation in Shenzhen stock market.