| Institutional arrangement is essential and also the focus of academic research, in the course of China capital market's development. At present, many research results show different conclusion, providing different institutional arrangements and routing for the development of China capital market. By analyzing the different genres of information theory conductive thread the development of the theory and research status, review of existing research results can be used to look for the theory and research results, provide clearly explanation and right solution to various phenomena and problems existed in the course of the development of China capital markets, also provide practical route selection for the development of China capital market.In this paper the information transduction process first is the generation of information value, what are quite different with the Shannon information theory and resulting conduction based on the study. Shannon information conduction process focus on the main information's sending, receiving and conducting, and are not related to generation of information value. And the special performance of the capital market in the information is not only result but reason, what is more important is due to the different economic circumstance, as well as the different starting levels of the capital market make various capital market system, which directly affects the generation of information value. The limitations of above theory Schools is only consider the information transmission and reception, however, how does the information enter the market are not be mentioned, and this is precisely the reason of market distortions, generation of information will be incorporated into the analytical framework, so as to get a more comprehensive understanding of information's entire process in the capital market. reveal the inner development of the capital market law from a deeper level.Boisot's information space theory make human cognitive clues as the clue, get a entire process of a more comprehensive analysis of information on the value and use value, in his book "information space - a framework for learning in organizations, institutions and culture" he put forward a set of analytical framework "information Construction," and "information-sharing" and "information space (I space)", and further by examining code, how the abstract and the proliferation of information interact in the data field, new knowledge portrayed cyclical movement in the I clockwise space, which reveals the basic operation of information laws. As a result of this general law, it make possible for information operation in the capital market. Therefore, this paper focus on information value and use value based on information space theory, reveals the basic law of capital market operation of information and provides a theoretical basis and effective policy recommendations for China developing capital markets.The structure of this paper is as below: Chapter 2 construct this framework based on information space theory, Chapter 3 determine the structure of capital market information and information transmission mechanism, give a preliminary analysis of capital market information conduction process and the key weak link, Chapter 4 and Chapter 5 analysis of the root causes of problems and solutions from two key areas of information transmission - information and receive alternative information ; Chapter 6 use information operation theory to explain the main characteristics of capital market; Chapter 7 use several former chapters'analysis result to provide viable path for china capital market.In this paper, the main work have four points as follow:1. Based on Information space theory, it gives reasonable selection for construction of China capital markets.Based on information space theory and path dependence theory, evolutes the capital market system and the risk of changing the root causes from the view of changes.Divide China capital markets development into three main stages:(1) The basic function of regression stage, the main task at this stage is to make the value of information be the core of this system, it is not only related to the construction, but also have to improve the quality of listed companies, at this stage the market face the systemic risk; (2) Establish a comprehensive capital market-stage, the stage of non-systemic risk increased gradually and gradually become the major market risk. At this time, the completeness of the market increased by asset portfolio and effective means of hedging risk diversification, the development of the market as the main task, (3) establish a complete capital market stage, at this stage, the basic principles to be followed :Coding and the adequacy of the multilevel nature; investors will be placed in the proliferation axis; distribute of investors in the proliferation of axis position in reason.2. Information Efficient Market TheoryStart from the entire process (review, problem solving, abstract, diffusion, absorption, and impact) of information operation, the market will be divided into the effectiveness of endogenous and exogenous effectiveness, and external validity occurs in the information producing stage, the effectiveness occurs in the use of information stage. In the entire cycle of information operation, the value of information generated stage interconnect and operates with the value of information use stage in cycles, and there are different characteristics and laws, in order to realize the effectiveness of the market, so it is necessary to achieve effectiveness and market exogenous Endogenous effectiveness respectively. On this basis, the paper has four tests to realize effective market.3. Divide capital market information conduction process into two stages: information substitute and information proliferationIn this paper, according to the information encoded and diffuse theory (that is, the higher the degree of coding information, the higher the degree of diffusing), decompose market information process into two stages: information transmission and information proliferation. Information transmission mainly refers to the process interchange internal professional information of listed companies into standard financial information and management information, the proliferation of information is the process that the financial information of listed companies and investors operating information is absorbed and lead the change in stock prices. On the basis of this, the paper further analysis the causes and solutions of information asymmetry of the listed companies and investors, institutional investors and individual investors.Provide new theory according to the development of information disclosure system, improve the structure and to protect small investors investment. 4. Raised standards of investors'differencesInvestors'differences have two sides, on one side the diversity of investors make good mobility for the capital market, on the other side the different ability to obtain and identify information led to the asymmetry of information between investors, and further result in root of the problems in capital market. Mainly for the second test, this paper proposed evidence-based approaches for investors difference. This paper consider in the capital market the information conduction mechanism is not symmetrical, so the transaction volume is endogenous in order to create false information, therefore emerging capital markets due to information asymmetry and caused false information is the main reason for changes in the volume of transactions. At the same time this also of the view that changes in the volume of such transactions will not cause changes in the rate of return. This paper proposed ratio of the volume of transactions and changes in the rates of return to measure differences of investors.In this paper, the main conclusions are as follows:1. Capital market distortions from the system will lead to capital market information alternative mechanism distorted, further caused distortion of listed companies and investors behavior distorted. Specific performance: (1) investors behavior distorted; (2) reduce the risk of the enterprise, and increase the risk of investors, (3) no encouraging from the market, resulting in declining operating performance of listed companies, (4) at the time investors assume greater risks, the achievement of enterprises decreased, so can't obtain proper profit.2. In China capital markets, there is double asymmetric information, that is, asymmetry between listed companies and institutional investors, as well as asymmetry of information between institutional investors and individual investors, but also in the process of transmission of information, information and risk are not in such percentage changes, but range of change in risk is more than the range of change in information, risk can only transfer in one-way, that is, the information transfer from the party own more information to the party own less. The dual role of institutional investors, due to different characteristics of capital market information alternative stage and proliferation phase of information, it is possible to performance dual identity: investment and speculative. The bidirection of risk transfer and positive feedback, that only at the time information symmetric, the risk can fully transfer and dispered between the parties in the market, while the risk transfer is bidirection, and when problem appear in the alternative and proliferation process of information, the risk transfer is unilateralist or bidirectional partly. At the same time, when the risk transfer is unilateralist or bidirectional partly, it is easy to lead positive feedback phenomenon.3.Based on information space theory, this paper analyse optimal market transparency and market efficiency, and consider that the role of the system is to allow the market to achieve pareto optimal, and the system can be summarized in the following several aspects of work: (1) ensure the true disclosure of information; (2) ensure the basic needs of information disclosure, (3) ensure the full disclosure of information.4. When larger proportion of individual investors is the main reason for institutional investors speculate, and there is path-dependent effect, this paper consider the solution to this problem can not solely rely on legal and regulatory system, but the essential solution is to establish reasonable investor structure. At the same time, reasonable investors can only transfer risk in a limited range, the market risk can be fully transferred only when the market is highly mature and investors structure is more reasonable.5. The laws of knowledge is the root causes of "herd behaviors", and the collective knowledge more likely to be received by individual, and then through the continual practice of individuals become a part of their own knowledge. This process has become the main form of the proliferation of knowledge, regardless of what is the type of knowledge. Market Efficiency in the presence of interal validity and external validity, and the market is valid only when the interal validity and external validity exist at the same time.6. China capital markets development experienced three stages, namely: (1) the recursive phase of basic functions; (2) the stage of establishment of the quasi-complete capital market;(3) establish a complete capital market phase. The main task at present concentrated in the first phase and the second phase, while paying attention to the convergence and order of two stages. In the third phase, it should follow the basic principle:the full and multi-level nature of coding; investors will be placed in the proliferation axis; distribute investors'position in the proliferation axis in reason.
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