Artificial stock market simulation based on agent is an important means to study financial market. Based on the assumption that the investors are composed of a main fund, small trend and contrarian investors characterized by four parameters, we simulate and research a kind of financial phenomenon with the characteristics of pyramid schemes. Our simulation results and theoretical analysis reveal the relationships between the rate of return of the main fund and the proportion of the trend investors in all small investors, the small investors’ parameters of taking profit and stopping loss, the order size of the main fund and the strategies adopted by the main fund. Our work is helpful to explain the financial phenomenon with the characteristics of pyramid schemes in financial markets, design trading rules for regulators and develop trading strategies for investors.

基于Agent的人工股票市场模拟是研究金融市场的重要手段。假设投资者由主力基金、小趋势投资者和逆势投资者组成，具有四个参数特征，我们模拟研究了一种具有传销特征的金融现象。我们的模拟结果和理论分析揭示了主基金的收益率与趋势投资者在所有小投资者中的比例、小投资者的止盈止损参数、主基金的订单规模和主要基金采取的策略。我们的工作有助于解释金融市场中具有传销特征的金融现象，