摘要
本文通过对证券市场中供求双方的信息核心部分———上市公司财务会计信息披露的完全度及投资者的投资理论与技能进行建模和理论论证 ,认为证券市场的效率水平与这两类核心信息的完全程度正相关 ;并通过在经典模型中加入现实条件后得出以下结论 :发达国家的大投资家们由于制造和利用噪声使证券市场效率降低 ,而我国证券市场由于上市公司会计信息 ,披露等方面的不规范而低效率运载。最后 ,文章对理论界存在的有效市场理论和格罗斯曼———斯蒂格利茨悖论进行了理论分析 ,认为由于信息的不完全将永远存在 ,理论界的这两种观点在现实中也不会存在。
This paper is divided into three parts. The first part.By modeling and theoretic reasoning,this paper analyses the core part of information in the stock market′s supplier and demander,that is,the information issue′s extent of corporation′s financing and accounting and the investor′s theory and skill in investing.After these analyses,there is a conclusion that the efficiency′s level in stock market has a positive correlation to the extent of the two kinds core information. The second part.By adding some real conditions to the classical model,there are another two conclusions.The first conclusion is that in developed countries,the big investors can make stock market′s operation be in a low efficicncy state by making and using information noise.The sccond one is that Chinese stock market also has a low efficiency operation because of the unnormal information issue by corporation. The last part.By theoretically analyzing effective market theory in theoretical circles and G′s paradox,there is the last conclusion that the two points of view,holded by the theoretical circles,can not come into being,bccause information in stock market is always imperfect.
出处
《金融研究》
CSSCI
北大核心
2000年第8期42-47,共6页
Journal of Financial Research
关键词
证券市场
信息
效率
Stock market,information,efficiency.
