本文關(guān)鍵詞：證券柜臺(tái)交易市場(chǎng)信息效率研究　出處：《中央財(cái)經(jīng)大學(xué)》2015年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券柜臺(tái)交易市場(chǎng) 信息效率 信息顯示 交易機(jī)制 交易組織 交易透明度

【摘要】：柜臺(tái)交易市場(chǎng)是指在證券交易所以外,由證券經(jīng)紀(jì)商(交易商)組織的證券交易市場(chǎng)。隨著現(xiàn)代信息技術(shù)和電子交易技術(shù)的飛速發(fā)展,傳統(tǒng)的柜臺(tái)交易市場(chǎng)也逐步由分散的店頭市場(chǎng),向集中的柜臺(tái)交易市場(chǎng),以及場(chǎng)外聯(lián)網(wǎng)柜臺(tái)市場(chǎng)逐步演化。柜臺(tái)交易市場(chǎng)的迅速發(fā)展對(duì)全球證券交易市場(chǎng)影響深遠(yuǎn):柜臺(tái)交易市場(chǎng)不僅是非標(biāo)準(zhǔn)化金融產(chǎn)品的交易平臺(tái),還在標(biāo)準(zhǔn)化金融產(chǎn)品的交易方面和交易所分庭抗禮,2009年通過(guò)ECN、黑池以及券商間交易系統(tǒng)等柜臺(tái)市場(chǎng)完成的上市股票交易量占全美交易總量的比重超過(guò)36%隨著中國(guó)經(jīng)濟(jì)的持續(xù)發(fā)展和轉(zhuǎn)型升級(jí),市場(chǎng)新格局與經(jīng)濟(jì)新常態(tài)下的多層次資本市場(chǎng)建設(shè)勢(shì)在必行,但中國(guó)證券柜臺(tái)交易市場(chǎng)的制度構(gòu)建和運(yùn)行機(jī)制尚未提到應(yīng)有的高度。柜臺(tái)市場(chǎng)較之場(chǎng)內(nèi)交易所信息披露更少,交易證券的流動(dòng)性更低,在這樣的信息不對(duì)稱情況下,柜臺(tái)市場(chǎng)應(yīng)如何提高信息效率,這將成為多層次資本市場(chǎng)健康發(fā)展的基礎(chǔ)。本文從市場(chǎng)微觀結(jié)構(gòu)的角度分析柜臺(tái)交易市場(chǎng)的信息顯示和信息效率,論證和檢驗(yàn)怎樣的微觀結(jié)構(gòu)可提升信息效率,并由此提出提升柜臺(tái)信息效率的制度構(gòu)想。柜臺(tái)市場(chǎng)的交易制度不同,信息顯示機(jī)制也不同,市場(chǎng)的信息效率也由此不同。因而從信息效率的角度研究柜臺(tái)市場(chǎng)的交易制度有相當(dāng)理論和現(xiàn)實(shí)意義,一方面,能夠?yàn)樵撌袌?chǎng)的制度構(gòu)建提供微觀基礎(chǔ);另一方面,能為柜臺(tái)市場(chǎng)的適用性提供經(jīng)驗(yàn)證據(jù),從而促進(jìn)我國(guó)多層次資本市場(chǎng)的發(fā)展。目前我國(guó)學(xué)術(shù)界對(duì)柜臺(tái)市場(chǎng)的研究偏重于制度介紹和定性分析,從微觀結(jié)構(gòu)視角分析市場(chǎng)信息效率的文獻(xiàn)較少,而國(guó)外對(duì)柜臺(tái)市場(chǎng)的研究則多從微觀視角分析價(jià)格形成,少有制度演進(jìn)的脈絡(luò)分析,難以形成有針對(duì)性的制度建議。筆者認(rèn)為這兩種思路結(jié)合可為柜臺(tái)市場(chǎng)的研究提供更深入和寬廣的視角,更好把握柜臺(tái)市場(chǎng)信息機(jī)制的本質(zhì)和特征,這便是本文選題的意義所在。柜臺(tái)市場(chǎng)是非標(biāo)準(zhǔn)化金融產(chǎn)品的交易平臺(tái),其因承擔(dān)更高的金融風(fēng)險(xiǎn),信息結(jié)構(gòu)具有天然的層級(jí),市場(chǎng)天然信息不對(duì)稱。信息不對(duì)稱將影響市場(chǎng)顯示信息的能力,由此影響市場(chǎng)配置資源的效率,因而解決柜臺(tái)市場(chǎng)的信息不對(duì)稱問(wèn)題至關(guān)重要。針對(duì)這個(gè)問(wèn)題,本文從以下四方面展開討論:(1)柜臺(tái)市場(chǎng)的信息結(jié)構(gòu)和信息顯示(2)柜臺(tái)市場(chǎng)信息效率的影響因素;(3)不同微觀結(jié)構(gòu)下柜臺(tái)市場(chǎng)信息效率比較;(4)提高柜臺(tái)市場(chǎng)信息效率的構(gòu)想。研究思路是考察交易制度對(duì)柜臺(tái)交易市場(chǎng)的微觀結(jié)構(gòu)的改變,以及由此市場(chǎng)信息效率的差異,結(jié)合海外柜臺(tái)市場(chǎng)提高信息效率的制度實(shí)踐,考察特定的交易制度-微觀結(jié)構(gòu)對(duì)于信息顯示及其效率的影響。主要的研究結(jié)論如下:1、柜臺(tái)市場(chǎng)的信息顯示具有漸進(jìn)性的特點(diǎn),柜臺(tái)市場(chǎng)的私人信息逐漸顯示,但僅在理性預(yù)期的條件下信息才能完全顯示;柜臺(tái)市場(chǎng)的信息顯示還具有復(fù)雜性的特點(diǎn),市場(chǎng)在完全顯示信息和完全不顯示信息之間有多種結(jié)果,市場(chǎng)有效僅是信息顯示的一種經(jīng)濟(jì)后果,在半強(qiáng)有效與強(qiáng)有效市場(chǎng)之間,還存在許多中間的市場(chǎng)有效;因而可從信息顯示的充分度和速度方面衡量柜臺(tái)市場(chǎng)的信息效率。2、市場(chǎng)微觀結(jié)構(gòu)影響柜臺(tái)市場(chǎng)的信息效率。不同微觀結(jié)構(gòu)下,柜臺(tái)交易市場(chǎng)發(fā)揮多重博弈和信息顯示的功能,可能產(chǎn)生三種類型均衡:信息完全顯示的分離均衡,信息部分顯示的準(zhǔn)分離均衡和信息完全無(wú)法顯示的混同均衡。而影響信息效率的主要因素包括:交易機(jī)制影響指令提交的時(shí)間和方式;交易組織通過(guò)影響交易策略,繼而影響信息顯示充分度;交易透明度影響交易者學(xué)習(xí),繼而影響信息顯示速率。3、柜臺(tái)交易制度作為一個(gè)信息系統(tǒng),可通過(guò)改變市場(chǎng)微觀結(jié)構(gòu)影響市場(chǎng)信息效率。交易制度是博弈規(guī)則,它影響交易者的獲得信息的能力和動(dòng)力,也影響交易者的博弈策略,最終會(huì)影響信息效率,主要機(jī)制包括:設(shè)置做市商報(bào)價(jià)機(jī)制逐步顯示私人信息;設(shè)置多邊柜臺(tái)交易網(wǎng)絡(luò),其較之單個(gè)柜臺(tái)的信息顯示更充分;設(shè)置柜臺(tái)非公開交易平臺(tái),較之僅設(shè)置公開交易平臺(tái),其信息顯示速率更快。4、我國(guó)證券柜臺(tái)交易市場(chǎng)應(yīng)以交易制度的建設(shè)提升市場(chǎng)的信息效率,建立基于柜臺(tái)的交易商市場(chǎng),機(jī)構(gòu)間市場(chǎng)和非公開交易平臺(tái)。主要配套制度包括:建立有限監(jiān)管理念,推動(dòng)行業(yè)自律;建立以做市商交易機(jī)制為主的混合交易機(jī)制;建立合格投資者制度;進(jìn)一步完善證券非公開發(fā)行和交易制度;鼓勵(lì)柜臺(tái)市場(chǎng)產(chǎn)品創(chuàng)新,推動(dòng)金融產(chǎn)品多樣化。本文主要貢獻(xiàn)有:1、從制度經(jīng)濟(jì)學(xué)和市場(chǎng)微觀結(jié)構(gòu)交叉學(xué)科的角度來(lái)分析柜臺(tái)市場(chǎng)的信息效率。從制度經(jīng)濟(jì)學(xué)角度分析了柜臺(tái)交易市場(chǎng)的產(chǎn)生、發(fā)展與功能定位,分析了柜臺(tái)交易市場(chǎng)的特征與運(yùn)行機(jī)制,提出制度創(chuàng)新對(duì)提升柜臺(tái)市場(chǎng)信息效率的重要性;從市場(chǎng)微觀結(jié)構(gòu)角度分析了柜臺(tái)交易市場(chǎng)的微觀結(jié)構(gòu)和信息顯示,以及影響柜臺(tái)市場(chǎng)信息效率的因素。將兩個(gè)學(xué)科統(tǒng)一到對(duì)柜臺(tái)市場(chǎng)“信息顯示”的研究上,以此探討柜臺(tái)市場(chǎng)信息機(jī)制的本質(zhì)和特征,認(rèn)為柜臺(tái)市場(chǎng)信息機(jī)制的本質(zhì)是解決不對(duì)稱信息下的信息生產(chǎn)和信息顯示問(wèn)題,外在表現(xiàn)是交易制度的創(chuàng)新,內(nèi)在價(jià)值是市場(chǎng)微觀結(jié)構(gòu)的改變,實(shí)質(zhì)是市場(chǎng)信息效率的提升,繼而推動(dòng)市場(chǎng)資源配置功能的實(shí)現(xiàn)。2、擴(kuò)展Fama(1965)的市場(chǎng)有效性的定義,用信息顯示的充分度和速度衡量柜臺(tái)市場(chǎng)的信息效率;引入交易者報(bào)價(jià)的價(jià)格方差來(lái)衡量信息顯示的充分度,交易者后驗(yàn)信念的收斂速率衡量信息顯示的速率;3、以Madhavan(1992)同質(zhì)偏好模型為基礎(chǔ),建立做市商交易機(jī)制下的柜臺(tái)信息顯示模型,衡量做市商機(jī)制下柜臺(tái)市場(chǎng)信息顯示的難度,做市商動(dòng)態(tài)調(diào)整報(bào)價(jià)以顯示市場(chǎng)最新信息,λi表示完全信息顯示所需的報(bào)價(jià)調(diào)整幅度,λi越大,也即信息顯示越難。做市商機(jī)制的實(shí)質(zhì)是構(gòu)建了一個(gè)柜臺(tái)信息網(wǎng)絡(luò),而市場(chǎng)信息效率不僅受交易機(jī)制的約束,還受到投資者交易策略及信息分布的影響.;因而柜臺(tái)市場(chǎng)的信息效率是交易機(jī)制與其它因素的綜合作用的結(jié)果;4、以Holden和Subramhanyam(1992)多時(shí)期序貫拍賣模型為基礎(chǔ),建立柜臺(tái)市場(chǎng)單邊-多邊交易的信息顯示模型,衡量和比較不同交易組織下柜臺(tái)市場(chǎng)信息顯示的充分度;模型顯示多邊交易網(wǎng)絡(luò)的建立使得知情交易者增加,其交易策略更具競(jìng)爭(zhēng)性,交易方后驗(yàn)信念的方差∑_n更快的趨向于零,也即報(bào)價(jià)越快趨向資產(chǎn)真實(shí)價(jià)值,私人信息顯示得更快更充分。這從理論上驗(yàn)證了多邊柜臺(tái)交易網(wǎng)絡(luò)對(duì)信息效率的提升;5、擴(kuò)展Duffie,malamud,和Manso(2009)柜臺(tái)市場(chǎng)的信息傳遞模型,建立柜臺(tái)市場(chǎng)公開-非公開交易的信息顯示模型,衡量和比較不同交易透明度下柜臺(tái)市場(chǎng)信息顯示的速率。模型假設(shè)信息顯示過(guò)程服從泊松分布,且交易方的后驗(yàn)信念收斂至完全信息顯示,當(dāng)非公開和公開信息渠道共存時(shí),交易方后驗(yàn)信念的收斂速率是公開信息和私人信息顯示過(guò)程的強(qiáng)度之和;但如僅有公共信息渠道,收斂速率將降低,由此公開和非公開信息渠道共存時(shí),信息顯示速率比僅有公開信息渠道時(shí)更快。這個(gè)模型具有明確的經(jīng)濟(jì)含義,信息透明度的分層將影響信息效率,建立柜臺(tái)非公開交易平臺(tái)可提升信息效率;6、實(shí)證檢驗(yàn)不同交易制度下柜臺(tái)市場(chǎng)的信息效率,選取美國(guó)TRF場(chǎng)外交易匯總代表多邊柜臺(tái)交易網(wǎng)絡(luò),其采用做市商交易機(jī)制,并設(shè)置多邊交易組織和分層交易透明度(擁有非公開交易渠道);中國(guó)的銀行間債券市場(chǎng)代表集中柜臺(tái)交易市場(chǎng),其引入統(tǒng)一報(bào)價(jià)分散成交的做市商交易機(jī)制;新三板市場(chǎng)代表分散柜臺(tái)交易市場(chǎng),未改版前其尚未引入做市商制度。實(shí)證檢驗(yàn)顯示:多邊柜臺(tái)交易網(wǎng)絡(luò)的信息效率不弱于交易所市場(chǎng);集中柜臺(tái)交易市場(chǎng)做市商報(bào)價(jià)對(duì)成交價(jià)的引導(dǎo)有一定作用,但不顯著;分散柜臺(tái)交易市場(chǎng)尚未達(dá)弱式有效;因而驗(yàn)證本文的理論:交易制度的創(chuàng)新可改變柜臺(tái)交易市場(chǎng)的微觀結(jié)構(gòu),由此影響市場(chǎng)信息效率。
[Abstract]:OTCBB refers to the stock exchange, the securities brokers (dealers) organization of the securities trading market. With the rapid development of modern information technology and e-commerce technology, the counter market gradually from the OTC market decentralized, centralized to the counter trading market, and the OTC network counter market gradually evolved. The rapid development of OTC market has profound influence on the global stock markets: the OTC market is not only non standardized financial products trading platform, trading in the standardization of financial products and exchange in 2009 by ECN, meet as equals, the listed stock trading volume counter market completion and Blackpool broker between trading systems accounted for America more than 36% of total transactions with the sustained development of Chinese economic transformation and upgrading, multi-level capital market and the new pattern of economy under the new normal The construction is imperative, but the construction of China securities OTC market system and operation mechanism has not been mentioned in the proper height. The counter market is the exchange of information disclosure less, lower liquidity in stock exchange, information asymmetry in such a situation, how to improve the efficiency of the counter market information, which will become the basis for the healthy development of multi-level capital market analysis of OTC market. In this paper, information display and information efficiency from the perspective of market microstructure, microstructure demonstration and testing how can improve the efficiency of information system, and puts forward some ideas of improving the efficiency of the counter information. Different counter market trading system, information display mechanism is different, the efficiency of market information is also different. Thus a considerable theoretical and practical significance, research the counter market information from the efficiency point of the trading system on the one hand, can be the The construction of market system provides micro foundation; on the other hand, applicability can provide empirical evidence for OTC market, so as to promote the development of multi-level capital market in China. The current research on the counter market in Chinese academic circles on the system introduction and qualitative analysis, from the micro structure analysis of market information efficiency from the perspective of literature study on the counter market, and foreign countries is more from the micro perspective analysis of price formation, less analysis system evolution, it is difficult to form a system for suggestions. The author thinks that provide deeper and broader perspective of these two ideas can be combined with the counter market, to better grasp the essence and characteristics of information counter market mechanism and this is the meaning of this article. The counter market is non standardized financial products trading platform, due to bear higher financial risk, the information structure has a natural hierarchy Asymmetric information, market natural. Information asymmetry will affect the market display information, thus affecting the efficiency of market allocation of resources, so it is crucial to solve the problem of asymmetric information counter market. Aiming at this problem, this paper from the following four aspects: (1) the information structure and information display counter market (2) factors affecting the counter market the efficiency of information; (3) comparison information counter market microstructure under different efficiency; (4) improve the concept of counter market information efficiency. The research is on the microstructure of OTC market investigation trading system changes, and thus differences in efficiency of market information, combined with the practice of overseas counter market improving the efficiency of information system, study the trading system - specific micro structure impact for information display and its efficiency. The main conclusions are as follows: 1, the counter market information has gradually In the private information counter market gradually, but only in the rational expectations under the condition of information to fully display; counter market information display also has the characteristic of complexity in the market, fully display information and complete display has a variety of results between information, market effectively is only a kind of economic consequences of information display in between, semi strong and strong efficient market, there are still many middle market information efficiency can thus be effective;.2 measure the counter market from the aspects of information display the full degree of speed and efficiency of information counter market impact of market microstructure. The different microstructure under the counter market to play multiple games and information display the function, may have three types of equilibrium: separating equilibrium complete information display, separating equilibrium and pooling equilibrium quasi information show completely unable to display. And the influence of the letter The main factors include information efficiency: time and transaction mechanism of order submission; transaction organization by influencing the trading strategy, then the impact of information display full indexing; the transparency of transactions affecting traders learning, then the impact of information display rate of.3, the counter trading system as an information system, according to the changes of market microstructure affects the market information efficiency. Trading system is the game rules, it affects trader's ability and dynamic information, also affect the game strategy of traders, will ultimately affect the efficiency of information, mainly including: the establishment of mechanism of market maker mechanism gradually display personal information; setting the counter multilateral trading network, compared with the single counter display information more fully set counter; non public trading platform, is only set to open trading platform, the information display rate faster.4, China's securities market should take over the counter Building system improve the efficiency of market information, establish the counter dealer market based on the inter agency market and non publicly traded platform. Including the main supporting system: the establishment of limited regulatory philosophy, to promote industry self-regulation; the establishment of mixed trading mechanism in the market maker mechanism; establish a system of qualified investors; to further improve the non-public offering of securities and the counter market trading system; encourage product innovation, promote the diversification of financial products. The main contributions of this paper are: 1, to analyze the efficiency of information counter market from institutional economics and market microstructure interdisciplinary perspective. From the perspective of institutional economics analysis of the OTC market, development and function, analyzes the characteristics of OTC market the operation mechanism and system innovation, and puts forward the importance of enhancing the counter market information efficiency; from the perspective of market microstructure analysis of the cabinet The micro structure and information exchange market, and the influencing factors of the counter market information efficiency. Two a unified discipline to the study of counter market "information", in order to explore the essence and characteristics of information counter market mechanism, information mechanism that the nature of counter market is to solve the asymmetric information of information production and information display problem manifestation is the innovation of trading system, the intrinsic value is the market microstructure change, is the essence of market information to improve the efficiency of implementation of.2, then promote the market resource allocation function, extended Fama (1965) of the definition of market efficiency, information efficiency measure counter market with sufficient precision and speed of information display adequacy of price variance; introduced to measure the traders offer information display, convergence rate of traders' posterior belief measure of information display; 3, Madhavan (19 92) homogeneous model as the foundation, the establishment of a market maker trading mechanism under the counter information display model, the counter measure of market information under the market maker system shows the difficulty of dynamic adjustment of the market maker quotations to display the latest market information, a I said complete information display quotes adjustment required, lambda I increases, i.e. display information more difficult. The essence of market maker mechanism is to construct a counter information network, and the efficiency of market information, not only by the trading mechanism, but also affected by the investors' trading strategies and information distribution. So the efficiency of information; counter market is the comprehensive effect of the trading mechanism and other factors result; 4, to Holden Subramhanyam (1992) and multi period sequential auction model, the establishment of the counter market unilateral - multilateral trading information display model, adequacy measure and compare the different trading organization under the counter market information display The establishment of a multilateral trading network model; that makes informed traders increase their trading strategies more competitive, transaction posterior belief variance Sigma _n tends to zero faster, which offer faster trend of real value of assets, private information faster and more fully. It is validated the multilateral trading network of information counter efficiency in theory; 5, Malamud, Manso and Duffie expansion, (2009) the counter market information transmission model, establish the counter market open - non publicly traded information display model, and the counter measure of the rate of market information to compare the different trading transparency display. If the information model shows that the process of Poisson distribution, and the trading side of posterior beliefs converge to the complete information display, when the non public information and public channels coexist, the convergence rate of transaction posterior belief is the intensity of public information and private information display process And; but if only the public information channels, the convergence rate will be reduced, the public and non-public information channels coexist, information display rate is faster than the only public information channels. This model has clear economic implications, hierarchical information transparency will affect the information efficiency, the establishment of the counter non-public trading platform can improve the efficiency of information; 6, empirical test of information efficiency of different counter market trading system, selects the TRF OTC summary on behalf of multilateral counter trading network, the market maker mechanism, and set up multilateral trade organization and hierarchical transparency of transactions (with non publicly traded channels); China interbank bond market on behalf of the OTC market. The introduction of a unified price dispersion transaction mechanism of market maker; the new third board market on behalf of decentralized OTC market, not yet the revision before the introduction of market maker system. The empirical test shows that the information efficiency of multilateral trading network counter is not weaker than the exchange market; centralized OTC market market maker has certain effect on the price guide, but not significant; decentralized OTC market has not yet reached the weak form efficiency; thus validate the theory: micro structure innovation of trading system can change the OTC market thus, affect the efficiency of market information.

【學(xué)位授予單位】：中央財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2015
【分類號(hào)】：F832.51

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