论中国证券市场的信息非对称性及治理对策

Non-Symmetry of Information in Chinese Securities Market and its Administering Strategies

证券市场是典型的信息非对称市场,证券市场的信息非对称,必然导致虚假信息充斥于市,使证券市场变成“柠檬市场”.中国上市公司信息披露的制度缺陷,使中国证券市场上信息造假和信息欺诈屡禁不绝极大地伤害了投资者的信心,危及中国证券市场的健康发展.本文分析了中国证券市场的信息非对称性及其原因,并围绕构建上市公司信息披露的诚信机制、提高上市公司信息披露的质量为核心提出相应的治理对策.

The securities marketplace is the typical non-symmetry market, which is bound to produce false information filled in the market and causes the negotiable securities marketplace turn into ＂lemon marketplace＂. The deficiency of the information announcement in Chinese securities market makes the fault information happen repeatedly, which harms the faith of the investors and the healthy development of Chinese securities market. This essay analyses the causes of the non-symmetry of information in Chinese securities and put forward the accordingly administering measures about the honesty mechanism in announcing the information and how to promote the quality of the information about the listed eompanies.