“信息不对称”对证券市场做市商报价影响力的实证研究

Empirical Research on Effect of Information Asymmetry on Market-Maker Quote in Stock Market

“信息不对称”理论已经可以解释经济生活很多方面的问题。在当今中国证券市场正在酝酿的改革中,有相当一部分学者提出引入做市商制度,因此,认清信息不对称理论如何在做市商制度中发挥效用会帮助大家更深刻的理解做市商制度的运行机理,找出其与中国证券市场的契合点。本文以纽约证券交易所的股票交易活动为研究对象,用了实证研究的方法,证明了由于证券市场普遍存在的“信息不对称”,做市商会根据交易间隔期本身所包含的信息内容改变其做市商报价。

Theory of Information Asymmetry can explain many problems in economics.For the revolution of stock market in china,some experts suggest applying market-ma ker rule,know that how theory of Information Asymmetry run in market-maker rule, and we can find how market-maker rule will run in stock market in china.This pap er discusses stock transaction in NYSE.With some empirical research,we prove tha t Information Asymmetry is popular in stock market.According to the information from periods of lack of trade,market-maker will change original quote.