China's Securities Market Rent-seeking Study

Stock-market in china has been developed more than ten years and has been more mature.lt offers a powerful capital support for many corporations,and promotes modern corporation 'system built. But at the last two years,many questions in Stock market has existed,which include information dissymmetry,lawless scases exposed frequently,and active rent-seeking and so on. All those hinder Stock market to advance efficiency.These years,to rent-seeking in Stock market in china,domestic scholars have do so-me researches in quality,system and types,but in general,those researches on rent-seeking are short of subdivision,quantitaty and offect. Aiming at character of Stock market and serious dissymmetry status,the thesis from information manoeuvre angle research rent-seeking in Stock marke in china,which have academia meaning,also to Chinese Stock marke's system innovation have some practical meanings.Rooting from classical theory of rent-seeking,the thesis has discriminated rent-Seeking and monopoly,rent-seeking and information dissymmetry,information dissymmetry and information manoeuvre,and get what is the core concept informa-tion manoeuvre rent seeking- control and monopolise information resource in order to get rent in stock-market. On the base,the research do some deep analysis in the reason of information manoeuvre rent seeking and the cost effect from that,the thesis consider that correlative policies's creating rent,bad investors accumulated and structure of big or small sharers out of balance are the important reason of the information manoeuvre rent seeking so active in stock-market in china,the cost effect of information manoeuvre rent seeking can be divide into three parts-private cost,welfare lose of society,cost of stock market efficiency,the cost of efficiency do most great harm to efficiency construct of stock market.For farther research in practical status and birth mechanism of information man-oeuvre rent seeking,the thesis usees decision-making and game theory to build gamemodel,linking to character of information manoeuvre rent seeking and adding some hypothesis and parameter. Use typical sampling with punish decision from security monitor committee of china,and do positive research,result shows that from those years information manoeuvre rent seekings in china have been in a high frequency state,many prescripts of have not been enforced well on checking of lawless cases,degree of punish cant hold back the information manoeuvre rent-seek-ing impulsing. At the effective monitor of stock market,not only probability of check is low,but rate of succeed is low too.Final,on the base of theory and positive research,the thesis bring forward a general thought to renovate information manoeuvre rent seeking of Chinese stock market,and table some proposal in system of stock market from the aspects of policy,rent-seeking main body,information mechanism and monitor.