Investor expectation, risk attitude and the effort on price

In Chinapsilas security market, the target of many investors who enter the market is not for the dividends but the return of stock price spread because of special ownership structure and dividend policy. Many investors have to expect ate the pricepsilas raising in the future and speculation. In this paper, the author discusses the influences of investorspsila expectation on stock, and analyzes the stochastic discount factor model (SDF) to explain why the stock price deviates from its basic value. At last, the author introduces some special investorspsila characteristics in China, and expounds some connotative deep institutional reasons.