双重逆向选择与证券监管

Double adverse selection and securities supervision

应用不完全信息理论,对股票市场中泡沫的存在从逆向选择的角度展开经济学的阐释,从而揭示出双重逆向选择是导致股票市场运行不畅的重要原因之一,并针对该双重逆向选择解决的特点,提出以维护公信力为本的监管理念,强调在对被监管者监管的同时,不应忽视对监管者监管的重要作用,即运用法律、行业和市场力量对监管者与被监管者并举监管,奖优惩劣,从而维持股票市场的良好运行秩序.

This paper explains the existence of the stock market bubbles from the angle of the adverse selection with the application of the theory of imperfect information and reveals that one of the most important reasons why the stock market doesn′t work well is the existence of the double adverse selection. Then it advocates the idea of supervision based on the maintaining of common belief and emphasizes the importance of supervising the superintendents, that is to say, we should not only supervise those who should be supervised with reward and punishment, but also supervise the superintendents with the power of law, market and industry rule to make the stock market work in order.