非对称信息下证券公司道德风险定价模型的研究

Research on Moral Risk Pricing Model of Securities Companies Under Asymmetrical Information Condition

由于证券市场上非对称信息状态的存在,信息差别给证券投资者保护制度带来了不容忽视的道德风险结果,本文通过建立证券公司道德风险定价模型,计算出了证券公司向证券投资者保护基金机构缴纳保护基金的费率基准。据此,在保护证券投资者利益的基础上,证券投资者保护基金机构可以向证券公司按照给出的费率基准收取保护基金,从而减少证券公司道德风险的发生。

Due to the existence of asymmetrical information condition on the current Chinese stock market, the information differentiation have brought on moral risk against the protection system for the benefits of securities investors. In this article a moral risk pricing model of securities companies is given, and the tariff of protection fund is worked out for each securities company to pay to the securities investors protection fund agency. Therefore, based on the protection for the benefits of securities investors, the securities investors protection fund agency should impose the protection fund charge on each securities company according to the tariff given in this article, in order to reduce the occurrence of moral risk in securities companies.