摘要
引入信息不对称,构建证券公司和投资者之间的博弈模型,对融资融券业务过程中的机会成本进行量化分析.同时,针对融资融券业务导致的投资组合风险暴露进行定量分析,得出证券公司开展相关融通业务的条件,认为无条件契约将为证券公司带来更大效用.
The security company should consider the loss on investment opportunity and capital structure adjusting during financing securities.Using information asymmetry,this article constructs a game model between security company and investors,and quantitatively analyses the opportunity cost.Furthermore,through analyzing the investment portfolio risk exposure caused by financing securities and the condition（about） the security company＇s engaging in financing securities, the article concludes that the unconditional contract gives more utility for the security company.
出处
《上海交通大学学报》
EI
CAS
CSCD
北大核心
2010年第3期336-339,共4页
Journal of Shanghai Jiaotong University
关键词
融资融券
信息不对称
逆选择
组合调整
financing securities
information asymmetry
reverse selection
portfolio adjusting
