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On Games And Regulation Of Information In China's Stock Market

Posted on:2004-03-30Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y ZhangFull Text:PDF
GTID:1116360122466161Subject:Political economy
Abstract/Summary:PDF Full Text Request
In stock market, Bargainers anticipate securities' price in accordance with information which should be defined as all factors and affairs that influences securities' price directly or indirectly in a broad sense. Information game means game among participants in stock market in source of information, channels of information and feedback of information encircling its authenticity, integrality and validity.The running course of stock market may be regarded as a disposal course of information. Issuers decide to issue according to information about macroeconomics and themselves. Meanwhile investors collect and analysis information to make decision of investment. The investment result in new information and another information disposal course.Stock market has such functions as dispersing risk, collecting information, supervising enterprises, direct financing, finding value and configuration resources. Among them the essential function is information function.After our country is affiliated to WTO, domestic market including finance industry will open to the world gradually. Receiving drastic competition and concussion coming from international craft brothers will become a unavoidable choice. Internationalization of capital market will bring risk and challenge. How to elude risk .receive challenge and improve capital market efficiency is a important task at present We should enhance information regulation and perfect regulationsystem in stock market.Information running system is composed by information source, information passage and information feedback. Information games in information source include: game between manager and proprietor, game between manipulative shareholders and other shareholders, game between government and enterprises during the choice course appearing to stock market, game during achievement proclamation course of enterprises and game about insider information and business.Information games in information passage include: game between deputy and yielder during passing course, information cheating game, game between organization investor and ordinary investors, game behavior of agencies and so on.Information games in information feedback include: game among investors facing to changes of securities price and polices from government.The efficiency of stock market is based on the sufficiency, nicety, symmetry of information. The asymmetry and imperfection of information will lead to cheat, dope, yawp and bubble which may distort collocation of resource and become solicitation of financial crisis.To improve validity of stock market, the key factor is to solve problems happening during the disclosure .transmission ,resolution and feedback of information.Information Regulation means the control of transmission leakage, distortion of explanation of information and perfect efficiency of reflection of information in stock market. The most important thing is to constitute mandatory disclosure system. Based on correlative theories, this dissertation establishes an academic framework of mandatory disclosure system, analyses the reasons for the loss of independence of CPA auditing, and puts forward some countermeasures.
Keywords/Search Tags:证券市场, 信息博弈, 信息监管
PDF Full Text Request
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