本文關(guān)鍵詞：中國(guó)證券市場(chǎng)金融信息服務(wù)行業(yè)發(fā)展研究　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 信息不對(duì)稱(chēng) 金融信息服務(wù) 信息傳播 證券分析師 互聯(lián)網(wǎng)

【摘要】：中國(guó)證券業(yè)的發(fā)展是中國(guó)改革開(kāi)放以來(lái)取得成果最大的經(jīng)濟(jì)領(lǐng)域之一,得到了國(guó)內(nèi)外專(zhuān)家和學(xué)者的認(rèn)可,但是,這種發(fā)展也伴生著大量的由于信息不對(duì)稱(chēng)所帶來(lái)的財(cái)務(wù)欺詐,股價(jià)操縱甚至是內(nèi)幕交易等嚴(yán)重問(wèn)題。本文回顧了中國(guó)證券市場(chǎng)的發(fā)展歷史、研究了證券市場(chǎng)中金融信息的傳導(dǎo)機(jī)制、深入分析了中國(guó)證券市場(chǎng)金融信息服務(wù)行業(yè)的三大主體：證券分析師、財(cái)經(jīng)媒體和互聯(lián)網(wǎng)信息平臺(tái)在信息傳播過(guò)程中所起的作用和主要存在的問(wèn)題,并認(rèn)為信息傳播主體的行為決策改進(jìn)對(duì)消除證券市場(chǎng)信息不對(duì)稱(chēng)問(wèn)題所起的作用具有決定性。最后,筆者針對(duì)當(dāng)下中國(guó)證券市場(chǎng)金融信息服務(wù)行業(yè)發(fā)展的現(xiàn)狀和存在的現(xiàn)實(shí)問(wèn)題,根據(jù)不同市場(chǎng)主體的特點(diǎn),提出了自己的看法和建議。 本文分為四個(gè)部分。第一章為導(dǎo)論,主要介紹本文的寫(xiě)作背景和研究意義,然后在文獻(xiàn)綜述的基礎(chǔ)上提出了研究的基本思路和框架,最后概括了本文的主要觀點(diǎn)和創(chuàng)新點(diǎn)。第二章主要梳理了證券市場(chǎng)信息傳導(dǎo)的機(jī)制和原理,并詳細(xì)介紹了在整個(gè)信息傳導(dǎo)過(guò)程中各個(gè)主體所扮演的角色的行為傾向及其博弈動(dòng)機(jī),其中運(yùn)用博弈論深入分析了“信息披露”環(huán)節(jié),并主要運(yùn)用中國(guó)證券市場(chǎng)散戶(hù)投資者居多的結(jié)構(gòu)特點(diǎn)來(lái)分析“信息反映”環(huán)節(jié),筆者認(rèn)為“信息傳播”環(huán)節(jié)在整個(gè)證券市場(chǎng)信息傳導(dǎo)的過(guò)程中起到舉足輕重的作用。第三章在第二章的基礎(chǔ)上重點(diǎn)分析了證券市場(chǎng)金融信息服務(wù)行業(yè)中三大主體各自所起到的信息傳播的作用,研究了證券分析師行為動(dòng)機(jī)和最優(yōu)選擇問(wèn)題：研究了傳統(tǒng)財(cái)經(jīng)媒體在市場(chǎng)進(jìn)步的新環(huán)境下的重新定位；研究了新崛起的互聯(lián)網(wǎng)金融信息服務(wù)的崛起對(duì)信息傳播起到的變革和促進(jìn)作用。第四章為本文的主要結(jié)論和政策意見(jiàn)。 本文認(rèn)為,中國(guó)證券市場(chǎng)信息不對(duì)稱(chēng)的問(wèn)題將會(huì)長(zhǎng)期存在,而解決這一問(wèn)題的重點(diǎn)在于金融信息服務(wù)行業(yè)的發(fā)展和建設(shè),但是,證券分析師缺乏客觀性和獨(dú)立性,互聯(lián)網(wǎng)金融信息服務(wù)行業(yè)也處在較為低端的同質(zhì)化競(jìng)爭(zhēng)之中,僅僅依靠傳統(tǒng)媒體發(fā)揮信息監(jiān)督作用,很難使“信息披露”環(huán)節(jié)取得實(shí)質(zhì)性改善。未來(lái),中國(guó)證券市場(chǎng)投資者結(jié)構(gòu)將會(huì)朝著機(jī)構(gòu)投資者占比更大的趨勢(shì)改變,中國(guó)金融信息服務(wù)行業(yè)必須更快更好的發(fā)展,必須結(jié)合正確的決策,才能逐步解決證券市場(chǎng)信息不對(duì)稱(chēng)問(wèn)題,提高證券市場(chǎng)的效率。
[Abstract]:The development of the securities industry is Chinese made one of the largest economic field since the China achievements of reform and opening up, by domestic and foreign experts and scholars, however, this development also associated with a large number of the financial fraud caused by the information asymmetry, stock price manipulation and even insider trading and other serious problems. This paper reviews the development history of the stock market Chinese the research on the transmission mechanism of financial information in the stock market, in-depth analysis of the three main stock market China financial information services industry, securities analysts, financial media and Internet information platform in the process of information dissemination and the role of the main problems, and that the main information dissemination behavior has improved to eliminate the information asymmetry of securities market plays a decisive role. Finally, the author according to the current securities market Chinese financial information services industry In accordance with the characteristics of different market subjects, the present situation and existing problems of the development are put forward and suggestions are put forward.
This paper is divided into four parts. The first chapter is the introduction, introduces the background and significance of the research, and then on the basis of literature review and put forward the basic concept and framework of the research, finally summarized the main points and innovations of this paper. The second chapter mainly clarifies the principle and mechanism of stock market information transmission. And introduces the behavior tendency in the whole process of information transmission in each of the main roles and game motivation, which uses game theory in-depth analysis of the "information disclosure" link, structure characteristics and mainly adopts Chinese securities market to individual investors are to analyze "information reflect" link, the author thinks that "information communication" link has played an important role in the process of information transmission of the entire stock market. In the third chapter, on the basis of the second chapter focuses on the analysis of financial information services for the securities market The dissemination of information industry in the three main role of securities analysts behavior motivation and optimal selection of re positioning the new environment of the traditional financial media in the market progress; the rise of the Internet financial information services on the rise of new to the dissemination of information to change and promote the role. The fourth chapter is the main conclusions and policy suggestions.
This paper argues that the information asymmetry of securities market Chinese problems will exist for a long time, the key to the solution of this problem lies in the development and construction of financial information services industry, but the lack of objectivity and independence of the securities analyst, Internet financial information services industry is relatively low in the homogenization of competition, only rely on traditional media to play a supervisory role of information it is difficult to make, "information disclosure" link to achieve substantial improvement. In the future, investors will China securities market structure towards a greater proportion of the change trend of institutional investors, the development of Chinese financial information service industry must be faster and better, must be combined with the correct decision-making, in order to gradually solve the problem of asymmetric information in the securities market, improve the efficiency of securities the market.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51

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