Research On The Effect Of Information Asymmetry On Stock Market

This paper makes research mainly on information asymmetry and makes analysis of the relationship between the impacts of asymmetric information on China's stock market. Firstly,some background theory,combined with historical data show that China's securities market exists the problem of asymmetric information. Then two empirical tests were conducted to discuss the real impact of information asymmetry on investment behaviors in stock market. The first is regression model test. In this section, the paper makes research on the problem of asymmetric information on fund market. In detail, this test makes analysis on the impact of media exposure on stock brand. The second is simulation model. Software Matlab was used to set up the simulation agent-based modeling. Different complex networks and different agents were created in the simulation experiment. This paper constructs a complex information network based on trust in the financial market and analyzes the formation and dynamic development of learning behavior in the opinion evolutionary process. Different kinds of investors have different ways of getting information and different information processing. The spread of information in complex networks make influence on the behaviors of traders. The result of simulation shows that learning cycles influence the distribution and transition of investor yield. Finally,this paper comes up with recommendations for China's securities market based on the e theoretical and empirical research.