摘要
文章使用各区域性股权交易市场官网和wind数据库截至2017年7月31日的数据,进行描述性统计和DEA实证分析,发现市场具备一定的融资能力,但是地区差异大,融资效率偏低。结合现行法律法规,总结出市场政策、信息披露制度、挂牌企业质量三个影响因素。进一步构建不完全信息博弈,揭示各因素对融资企业的最优违约概率和投资者的最优投资概率的限制,提出相关的建议。
As an important part of the multi-level capital market,the regional equity trading market has received increasing attention.This paper uses the data from the official website of the regional equity trading market and the wind database as of July 31,2017 to conduct descriptive statistics and empirical analysis of DEA.It finds that the market has certain financing capacity,but the regional differences are large and the financing efficiency is low.Combined with the current laws and regulations,the three influencing factors are summarized,including market policy,information disclosure system and listed enterprise’s quality.It further constructs an incomplete information game, revealing the limitations of various factors on the financing company’s optimal default probability and the investor’s optimal investment probability.Finally,corresponding recommendations are proposed.
作者
姚禄仕
赵佳卉
YAO Lu-shi;ZHAO Jia-hui(School of Management,Hefei University of Technology,Hefei 230009,China)
出处
《华东经济管理》
CSSCI
北大核心
2019年第4期84-89,共6页
East China Economic Management
基金
中国证券业协会2017年重点研究课题(JS2018QTXM0022)
教育部人文社会科学研究规划基金项目(14YJA630051)
安徽省2016年度省级质量工程项目(2016tszy064)
