全流通市场“隧道效应”、“信息披露操纵”行为与监管对策

Toward the Behaviors and Supervision of "Tunnel Effect" and "Information Disclosure Manipulation" for Full-Circulation of A-Shares

本文从我国证券市场非市场自然演进模式所伴生的"双重路径依赖"出发,分析了"隧道效应"和"信息披露操纵"在全流通市场条件下继续存在的成因和条件,并对比分析其在股权分置改革前后的不同市场表现形式及行为动向。在上述分析基础上,提出了全流通市场条件下有效监管"隧道效应"与"信息披露操纵"行为的思路与对策。

This article analyzes the causes and conditions of 'tunnel effect' and 'information disclosure manipulation' under full-circulation of A-shares,and compares their forms and behaviors before and after the 'equity-split' reform.We then propose principles and policy recommendations for effective supervision of 'tunnel effect' and 'information disclosure manipulation' behaviors.