Abstract: Based the assumptions on market participants irrationality and from the demand-supply perspective,the paper studies the volume-price relationship in stock market.Firstly the paper assumes that market participants are urge to win and delay to lose,and derives the demand curve and supply curve in the stock market through demand-supply analysis,then defined the initial equilibrium,and applies the comparative statics to study how new information arrival influences the initial equilibrium.It is found that volume and price change are positively correlated meanwhile volume and absolute price change are positively correlated.The paper finally run empirical tests based on the historical data in the Chinese A stock market,and the empirical conclusion support the theoretical conclusion.

Key words: stock market, volume-price relationship, behavioral finance, market participants behaviors