China's Securities Market Analysis Of The Signal Transduction Pathway

China' s securities market has become the very important party of national economy, and it plays a great role in allocating the resource and rasising the effectiveness of national economy operation. But its character of reform and browth, with the obviouse irregular behavior, has reduced the effectiveness of the securities market greatly. In order to promote the effectiveness of the securities market, the key method is to seloute the problem which comes from the program: information disclosure, information transfer, information reflect. Therefor, it is necessary to study the whole links of information transmission depending on China' s reality.This thesis structures the information transmission model of securities market through borrowing the information transmission model in common use. And the question lies in three links : information announcement, information transfer and information absorb , which has been analyzed dividely.In the program of information disclosure, Study shows that compared with international information disclosure instituion, the problem of listed companys' false disclosure comes not only from itself but also from the false mechanism such as the standard degree of important information, the time to disclosure information, the alternative disclosure of information, and so on.When studying on the link of infomation transfer, we find that asymmtry between media' s right and responsbility really existes, It shows that the securities analysisors always play the role of assistor of listed companys because of lack of indpendence. Meanwhile, the system of EDGAR which has been built in the U. S also must be set up in China' s securities market.In the program of information absorb, reserch on the situation of individal investor shows that China' s investors are always irrational during the information absorb, process and use, which influnce the information in China' s securities market transfer effectively.Due to the analysis above, this paper puts forward some policy suggestions to promote efficiency of information transmission in China' s securities market: firstly, improve the information disclosure mechanism for rasing the openess of market; secondly, open up the channel of information transmission inoder to promote the efficency of information transmission; thirdly, strenghen the education to individual investors in order to improve their ability of information understanding; finally, restructure the moral mechanism in the securities market.