中国证券市场与外部信息的均衡性

Effect of outside information on Chinese security markets

为了分析中国财经新闻与证券市场相互关系,设计了一种描述证券市场与外部信息均衡性的经济模型。搜集了2003—2006年期间中国财经新闻的历史数据,进行了实证研究。结果表明:虽然财经新闻对中国证券市场存在影响,但其影响能力有限,而且中国财经新闻数量偏少。因此,新闻产业应加强财经新闻等外部信息的报导,以实现对证券市场的新闻监督。

An economic model was developed to describe the equilibrium between outside information and the security market to analyze the relationship between news and the security market. An empirical study was implemented by collecting historical economic and financial news data from 2003 to 2006 in China. The results show that the influence of news on the security market is not significant, even though it should play an important role in a sound security market system. These results suggest that there is still insufficient financial news in China. The news industry should then seek to strengthen the presentation of outside information such as financial and economic news about the security market and seek to enhance the quantity of financial news.