Securities Markets With Transaction Costs Study

(1) This thesis, by using the constitutional analysis, probes into the influence of the system and policy tendency on the development of stock market, the asymmetric and incompleteness of the stock market information and how the fluidity of price and the opportunism and exterior of the market lead to a high transaction cost and misfunctioning of the market . The immaturity of our country's stock market during the transforming period and the failure of the stock administrative supervision caused by the changes of the government's dominant system manifest themselves in: "Finance Paradoxes" of the enterprise, "Nationalised industries "of the company gone on the market, the stock market becoming the place sought for rent by the state-owned enterprises; the financial restraint of the stock market such as "the ownership prejudice " leading to the loss of people's income; the permit system of the stock media agency ,the state-owned monopolized stock company and the fund market limiting the market competition between the stock market and other financial markets; the limitation of investing instruments, the individualization of the investing subject in the stock market; the restraint of the stock issuing price and the over opportunism of the stock transaction price; resulting in the distortion of market ,the low efficiency of the finance allocation and the nurturing of serious financial risk in the market..(2) In order to clarify that the government's dominant system arrangement of the stock market intensifies the market distortion and inefficiency .This thesis , through the construction of the theoretical model of transaction cost-stock contract ,extends its studies around the theme of the efficiency of stock market . The specific train of thought is as follows :Chapter I, defines some basic concepts such as stock, stock market, the function of stock market and others, analyzes the objective reasons for the existence of stock market ;then sums up the features of stock transaction, and based on that ,further investigates and analyzes the main theories concerning the subject behavior and function of the stock market ,such as theory of game ,information economics and transaction cost theory and so on ,this settling the major research instrument of this thesis .Chapter II , based on the description of the developing scale of the stock market , studies the causes for the scale expansion of the stock market through the following two aspects . Firstly, it specifically observes the relationship between the scale change and economic growth ,between the investment and the structure of investor and other viable in our country's stock market . Secondly, It analyzes the influence of the tendency of the stock finance of our country's state-owned enterprises and the administering structure of the company gone on the market on the scale expansion of our country's stock transaction .Chapter III , conducts a systematic analysis of the issuing and transaction structure of the stock market and the supervision of the stock contract . It probes into the relationship between the in symmetry and incompleteness of stock contract information and the transaction cost as well as the relationship between the contract structure and the relative positions of the market attendants and supervising subjects. Meanwhile, it also studies the ownership prejudice and renting problem caused by the government's dominant system arrangement of China's stock market. It further carries out a theoretical analysis of the highest appropriacy of the stock supervision by using the concept and means of contract economics, and then makes a study of the performing conditions and mechanism of our country's stock market information revealing system.Chapter IV, particularly investigates the price decision of the stock market and the mechanism of its formation, introduces the interior value theory, supply and demand value theory ,effective piece theory ,big fool theory , the reasoning foam theory and other stock value forming theories , an...