The Study Of Protective Mechanism For The Middle And Small Stockholder Under Information Asymmetry

With the development and perfection of stock market, investors among listing corporation, administration level and stockholders have serious asymmetric information. Administering authority has invested substantive manpower, material resources and funds, but the effect is not satisfactory.Based on the principle of asymmetric information, representation of asymmetric information, encroachment and protection of rights and interests, this paper discusses the loss caused by middle and small stockholders' asymmetric information in the stock market, how to protect middle and small stockholders' benefit and how to establish protection mechanism. This paper is divided into five parts. The first part discusses the asymmetric information source of middle and small stockholders, time of information, quantity of information, quality of information and information confusion. The second part discusses the information asymmetry from the aspects of issue, listing, bargaining and re-combination. The third part discusses the reasons why middle and small stockholders' benefit is damaged by means of information asymmetry. The fourth part discusses how to protect middle and small stockholders, the significance of protection, the investigation of protective situation. The fifth part discusses the protection mechanism of middle and small stockholders, the design and analysis of protection mechanism, the exposure of false information, the mechanism of civil compensation, the functions of information exposure system and fulfillment of civil compensation.