中国股票市场信息不对称成因及对策分析

Analysis of reasons of the information asymmetry of the stock market and measures

中国的证券市场 ,特别是股票市场 ,以 1990年 12月上海证券交易所与 1991年 4月深圳证券交易所营业为标志 ,迅速发展。中国的股票市场是经济体制改革进行到一定阶段的产物 ,也是社会主义市场经济体制的重要组成部分。它为拓宽企业融资渠道 ,促进企业转换经营机制 ,实现资金合理流向和优化资源配置起到了重要作用。但我国股票市场仍存在着大量不规范现象 ,其中由于市场固有的及人为因素这两方面导致的信息不对称 ,极大地干扰了股市的平稳运行和股市基本功能的体现。这些现象促使我们对股票市场进行更深入地探讨和分析 ,充分认识我国股票市场中的信息不对称现象及其造成的不良影响和后果 ,从而有针对性地削减信息不对称因素 ,并采取措施和行动 ,使其在完善市场机制。

The stock market in China has expanded greatly in the last decade. However, there are still many abnormalities in it, especially the Information Asymmetry which results from inherent characteristics of the stock market and man-made factors, disturbing the normal operation and the demonstration of fundamental functions of this market. By analyzing the Information Asymmetry of the stock market and its side effect, this paper suggests some measures against the Information Asymmetry, enabling the stock market to play an important role in perfecting its function and improving economy efficiency.