中国证券市场金融信息服务行业发展研究

发布时间：2018-01-09 20:26

本文关键词：中国证券市场金融信息服务行业发展研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：中国证券业的发展是中国改革开放以来取得成果最大的经济领域之一,得到了国内外专家和学者的认可,但是,这种发展也伴生着大量的由于信息不对称所带来的财务欺诈,股价操纵甚至是内幕交易等严重问题。本文回顾了中国证券市场的发展历史、研究了证券市场中金融信息的传导机制、深入分析了中国证券市场金融信息服务行业的三大主体：证券分析师、财经媒体和互联网信息平台在信息传播过程中所起的作用和主要存在的问题,并认为信息传播主体的行为决策改进对消除证券市场信息不对称问题所起的作用具有决定性。最后,笔者针对当下中国证券市场金融信息服务行业发展的现状和存在的现实问题,根据不同市场主体的特点,提出了自己的看法和建议。本文分为四个部分。第一章为导论,主要介绍本文的写作背景和研究意义,然后在文献综述的基础上提出了研究的基本思路和框架,最后概括了本文的主要观点和创新点。第二章主要梳理了证券市场信息传导的机制和原理,并详细介绍了在整个信息传导过程中各个主体所扮演的角色的行为倾向及其博弈动机,其中运用博弈论深入分析了“信息披露”环节,并主要运用中国证券市场散户投资者居多的结构特点来分析“信息反映”环节,笔者认为“信息传播”环节在整个证券市场信息传导的过程中起到举足轻重的作用。第三章在第二章的基础上重点分析了证券市场金融信息服务行业中三大主体各自所起到的信息传播的作用,研究了证券分析师行为动机和最优选择问题：研究了传统财经媒体在市场进步的新环境下的重新定位；研究了新崛起的互联网金融信息服务的崛起对信息传播起到的变革和促进作用。第四章为本文的主要结论和政策意见。本文认为,中国证券市场信息不对称的问题将会长期存在,而解决这一问题的重点在于金融信息服务行业的发展和建设,但是,证券分析师缺乏客观性和独立性,互联网金融信息服务行业也处在较为低端的同质化竞争之中,仅仅依靠传统媒体发挥信息监督作用,很难使“信息披露”环节取得实质性改善。未来,中国证券市场投资者结构将会朝着机构投资者占比更大的趋势改变,中国金融信息服务行业必须更快更好的发展,必须结合正确的决策,才能逐步解决证券市场信息不对称问题,提高证券市场的效率。
[Abstract]:The development of the securities industry is Chinese made one of the largest economic field since the China achievements of reform and opening up, by domestic and foreign experts and scholars, however, this development also associated with a large number of the financial fraud caused by the information asymmetry, stock price manipulation and even insider trading and other serious problems. This paper reviews the development history of the stock market Chinese the research on the transmission mechanism of financial information in the stock market, in-depth analysis of the three main stock market China financial information services industry, securities analysts, financial media and Internet information platform in the process of information dissemination and the role of the main problems, and that the main information dissemination behavior has improved to eliminate the information asymmetry of securities market plays a decisive role. Finally, the author according to the current securities market Chinese financial information services industry In accordance with the characteristics of different market subjects, the present situation and existing problems of the development are put forward and suggestions are put forward.
This paper is divided into four parts. The first chapter is the introduction, introduces the background and significance of the research, and then on the basis of literature review and put forward the basic concept and framework of the research, finally summarized the main points and innovations of this paper. The second chapter mainly clarifies the principle and mechanism of stock market information transmission. And introduces the behavior tendency in the whole process of information transmission in each of the main roles and game motivation, which uses game theory in-depth analysis of the "information disclosure" link, structure characteristics and mainly adopts Chinese securities market to individual investors are to analyze "information reflect" link, the author thinks that "information communication" link has played an important role in the process of information transmission of the entire stock market. In the third chapter, on the basis of the second chapter focuses on the analysis of financial information services for the securities market The dissemination of information industry in the three main role of securities analysts behavior motivation and optimal selection of re positioning the new environment of the traditional financial media in the market progress; the rise of the Internet financial information services on the rise of new to the dissemination of information to change and promote the role. The fourth chapter is the main conclusions and policy suggestions.
This paper argues that the information asymmetry of securities market Chinese problems will exist for a long time, the key to the solution of this problem lies in the development and construction of financial information services industry, but the lack of objectivity and independence of the securities analyst, Internet financial information services industry is relatively low in the homogenization of competition, only rely on traditional media to play a supervisory role of information it is difficult to make, "information disclosure" link to achieve substantial improvement. In the future, investors will China securities market structure towards a greater proportion of the change trend of institutional investors, the development of Chinese financial information service industry must be faster and better, must be combined with the correct decision-making, in order to gradually solve the problem of asymmetric information in the securities market, improve the efficiency of securities the market.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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