本文關(guān)鍵詞：我國證券市場信息不對稱對投資者負面影響的理論和實證研究　出處：《西北大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 信息不對稱 損耗性信號發(fā)送 投資者投資行為

【摘要】：在證券市場上,信息起著很重要的作用,信息不僅影響著各個上市公司的股票價格的波動,而且也深刻的影響著各個投資者的投資行為。由于我國的證券市場起步較晚,發(fā)展的時間也比較短,其中很多的規(guī)章制度都不健全,使得證券市場中的信息不對稱問題比較嚴重。這種信息的不對稱造成了市場中交易雙方的利益失衡,影響了社會的公平,公正原則,市場資源的配置效率和市場功能的正常發(fā)揮。因此,本論文分別從理論推導(dǎo)和實證檢驗兩個方面對于如何減弱我國證券市場中信息不對稱的負面影響進行分析,得出了五種減弱信息不對稱的方法,并提出了一些減弱我國證券市場信息不對稱問題的對策建議。 面對證券市場中信息不對稱對投資者行為的負面影響,如何消弱這種負面影響成為我國證券市場健康發(fā)展的關(guān)鍵性問題。本論文就以如何減弱信息不對稱問題作為研究的出發(fā)點,先采取理論推導(dǎo)的方法,說明了五種損耗性信號發(fā)送對于減弱信息不對稱問題的作用,然后再采取實證分析的方法,搜集了我國A股市場上的965家上市公司的2004年-2006年這三年間的公司／年度觀測值,通過對這些數(shù)據(jù)進行回歸分析,得出了認證短期證券,分配股利,管理層持股和抵押擔(dān)保這五種方法可以減弱我國證券市場上信息不對稱對投資者的負面影響,其中,股利分配這種方法的效用最為明顯。 論文結(jié)構(gòu)如下：第一章導(dǎo)論,介紹了研究背景,研究問題和意義以及研究的思路和方法。第二章文獻綜述,介紹了國內(nèi)外的學(xué)者關(guān)于證券市場中的信息不對稱對投資者行為影響的相關(guān)研究,以及如何減弱該種負面影響的相關(guān)研究。第三章減弱信息不對稱對投資者影響的理論概述,運用數(shù)學(xué)模型對認證,短期證券,分配股利,管理層持股和抵押擔(dān)保這五種信號發(fā)送如何減弱信息不對稱的負面影響進行理論上的證明。第四章是減弱我國證券市場上信息不對稱問題的實證檢驗,以我國證券市場上的上市公司為樣本,建立多元回歸模型對數(shù)據(jù)進行回歸分析,檢驗這五種方法是否可以減弱我國證券市場上信息不對稱的影響。第五章是減弱我國證券市場信息不對稱負面影響的對策建議,雖然那五種信號發(fā)送可以消弱信息不對稱的負面影響,但是這些效果要以完善的上市公司內(nèi)控機制,健全的證券市場外部監(jiān)管體系和法律法規(guī)上為基礎(chǔ),所以我國相關(guān)政府部門應(yīng)著重關(guān)注這些外部環(huán)境的建設(shè)。 本文的創(chuàng)新點在于,從投資者的角度來分析如何緩解證券市場上的信息不對稱對投資者的負面影響,并通過建立數(shù)學(xué)模型來論證這五個信號發(fā)送是否可以幫助投資者辨別企業(yè)類型從而減弱信息不對稱現(xiàn)象。隨后,又以我國A股市場上的上市公司作為樣本,對這五種方法是否也可以減弱我國證券市場上的信息不對稱進行了實證檢驗,并關(guān)于這五種方法的有效性做了進一步的分析。
[Abstract]:In the stock market, information plays a very important role, information not only affects the stock price fluctuations of each listed company. But also has a profound impact on the investment behavior of various investors. Due to the late start of the securities market in China, the development time is also relatively short, and many of the rules and regulations are not sound. This kind of information asymmetry causes the imbalance of the interests of both parties in the market and affects the principle of social fairness and justice. The allocation efficiency of market resources and the normal exertion of market function. Therefore, this paper analyzes how to reduce the negative impact of information asymmetry in China's securities market from two aspects: theoretical derivation and empirical test. Five methods of reducing information asymmetry are obtained, and some countermeasures and suggestions are put forward to weaken the problem of information asymmetry in China's securities market. Facing the negative influence of information asymmetry on investors' behavior in the securities market. How to reduce this negative impact has become a key issue in the healthy development of China's securities market. This paper takes how to weaken the information asymmetry problem as the starting point of the study, and takes the theoretical derivation method as the first step. The effect of five kinds of lossy signal transmission on reducing the information asymmetry problem is explained, and then the empirical analysis method is adopted. This paper collects the company / annual observations of 965 listed companies from 2004 to 2006 in China's A-share market, and obtains the certified short-term securities by regression analysis of these data. The five methods of dividend allocation, management shareholding and mortgage guarantee can reduce the negative effects of asymmetric information on investors in China's securities market, among which, the effectiveness of dividend allocation is the most obvious. The structure of the thesis is as follows: the first chapter introduces the research background, research issues and significance, as well as the research ideas and methods. This paper introduces the domestic and foreign scholars on the impact of asymmetric information on the behavior of investors in the securities market. And how to reduce the negative impact of the relevant research. Chapter three is a theoretical overview of the impact of information asymmetry on investors, the use of mathematical models for certification, short-term securities, dividend distribution. Chapter 4th is an empirical test of how to reduce the negative effects of asymmetric information. Chapter 4th is an empirical test of how to reduce the information asymmetry in China's securities market. Taking listed companies in China's securities market as samples, a multivariate regression model is established to analyze the data. Chapter 5th is the countermeasure and suggestion to weaken the negative influence of information asymmetry in China's securities market. Although the five signals can weaken the negative impact of asymmetric information, these effects should be based on the perfect internal control mechanism of listed companies, a sound external regulatory system of the securities market and laws and regulations. Therefore, the relevant government departments should focus on the construction of these external environment. The innovation of this paper is to analyze how to alleviate the negative impact of information asymmetry on investors from the perspective of investors. And through the establishment of mathematical models to prove whether these five signals can help investors identify the types of enterprises and reduce the information asymmetry. Then, take listed companies in the A-share market as samples. This paper makes an empirical test on whether these five methods can also reduce the information asymmetry in China's securities market, and makes a further analysis on the effectiveness of these five methods.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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