“不完全反映假说”IRH与规制财务信息操纵

The "Incomplete Revelation Hypothesis" and Regulating the Manipulation of Financial Reporting

证券市场存在的对基本信息的反应不足或反应过度等无效定价现象是“有效市场假说”难以解释的。基于噪声理性预期模型和实验经济学基础上的“不完全反映假说”认为 ,信息析取成本导致价格对信息的不完全反映。该理论能够解释并预测市场诸多“反常”效应并提供相应的检验 ,其在财务信息分析及市场监管等方面有着广阔的应用前景。

The phenomenon of mispricing that the security market under-reacts or overreacts to fundamental information is beyond explanation just by 'efficient m arket hypothesis',which assumes that the market prices fully reflect all public ly available information. Based on 'noise rational expectation' model and empiri cal economics,the theory of 'incomplete revelation hypothesis' (IRH) argues tha t it is the extraction cost of information that results in mispricing. By using this theory,it is possible to interpret and predict many of the anomies and tes ts of these predictions can also be provided. The authors of this article show t hat the theory is very useful in the analysis of the information and supervision and regulation of the market.