财经媒体解决资本市场信息不对称的作用研究

发布时间：2018-01-04 19:17

本文关键词：财经媒体解决资本市场信息不对称的作用研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：信息是资本市场的命脉,掌握信息的多寡,接收到的信息质量,都可以极大地影响市场主体的利益。正是为了尽可能地掌握准确地信息,资本市场的各种主体为了实现自我的利益,一直在进行信息博弈。由于制度层面的、法律层面的以及传播渠道层面等各种因素,这种市场博弈必然会导致市场参与主体之间的信息不对称分布。既然造成资本市场信息不对称的原因是多种多样的,解决这个问题的途径和手段当然也是多样的。制度和法律范畴不是本文的研究范畴。信息的传播要通过传者、渠道、受者等多个环节,并且还可能受到外部噪音的干扰,在整个的传播过程中,财经媒体自始至终都在参与。因此,从传播角度来看,财经媒体可能也是造成资本市场信息不对称的因素之一,财经媒体的不作为、不专业,甚至有时候成为某些利益主体的寻租对象,从而故意乱作为,都可能造成媒体立场不坚定,报道不公允不客观,导致信息传播失灵,并且加剧了市场的信息不对称。所谓解铃还须系铃人,由于资本市场的各个利益主体对于媒体的依赖程度都非常高,无论是通过传统媒体,还是新媒体,绝大多数的市场主体都是通过媒体渠道来获取信息。从这个角度来说,财经媒体对于解决资本市场的不对称问题也应该能够起到一定的作用。本文按照这个逻辑思路,借助一些现实案例,近年爆发的股市黑嘴汪建中操纵股市案、浑水公司做空新东方案例等,来剖析资本市场信息不对称的媒体因素,媒体在这些事件中的不称职或者不作为,不能有效充当媒介作用,缓解信息不对称。论文的最后探讨如何通过加强媒体的功能,强化财经媒体对信息的搜集、整理、加工和解读等职能,从而有效地实现资本市场的信息充分流动,为不同的利益主体提供准确、公允的信息,进而尽可能地解决市场的信息不对称问题。
[Abstract]:Information is the lifeblood of the capital market. The quantity of information and the quality of information received can greatly affect the interests of the main body of the market. In order to realize their own interests, various subjects in the capital market have been engaged in information game because of various factors, such as institutional level, legal level, communication channel level and so on. This kind of market game will inevitably lead to the asymmetric distribution of information among the participants in the market. Since there are many reasons for the asymmetric information in the capital market. Of course, the ways and means to solve this problem are also diverse. The scope of system and law is not the scope of this study. The dissemination of information through the communicator, channels, recipients and other links. And may also be disturbed by external noise, in the whole process of communication, the financial media have been involved from the beginning to the end. Therefore, from the point of view of communication. Financial media may also be one of the factors that cause asymmetric information in the capital market. The omission of financial media is not professional, and sometimes it even becomes the rent-seeking object of some interest subjects, so it deliberately misbehaves. All of them may result in the unsteadfastness of the media position, the unfairness and objectivity of the report, the failure of the information dissemination, and the aggravation of the information asymmetry in the market. Because of the capital market each interest main body to the media dependence degree is very high, whether through the traditional media, or the new media. The vast majority of market participants are through media channels to obtain information. From this perspective. Financial media should also be able to play a certain role in solving the asymmetric problem of capital market. According to this logical thinking, with the help of some practical cases, the recent stock market black mouth Wang Jianzhong case of manipulation of the stock market. Muddy Waters short New Oriental case to analyze the capital market information asymmetry of the media factors, the media in these incidents incompetent or inaction, can not effectively play a media role. Finally, the paper discusses how to strengthen the function of the media, strengthen the financial media to the collection, collation, processing and interpretation of information and other functions. Thus the information flow of the capital market can be realized effectively, and the accurate and fair information can be provided to different stakeholders, and the asymmetric information of the market can be solved as far as possible.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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