信息质量和投资者信息解释能力对投资者保护效果影响研究

发布时间：2018-02-26 08:34

本文关键词： 信息质量投资者信息解读能力买卖价差投资者保护效果　出处：《广州大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券市场的健康发展离不开较好的投资者权益保护。在证券市场中，上市公司公开披露高质量信息不仅能有效的降低投资者之间的信息不对称和交易成本，而且对保护（中小）投资者都有着重要的意义。本文以信息质量理论、投资者信息解释理论、投资者保护效果的理论为基础，基于投资者视角，在拓展价差模型和交易量模型的基础上，尝试探究信息质量和信息解释能力对中小投资者保护效果的影响。研究发现：（1）在信息不对称市场中，专业投资者与非专业（中小）投资者之间的信息解释能力差异越大，，股票交易越活跃，发生信息性交易概率就越大，投资者之间的买卖价差就会越大，对非专业（中小）投资者的保护效果减弱；（2）在信息不对称市场中，新信息披露的质量越高，专业投资者与非专业投资者之间的买卖价差减小，对非专业（中小）投资者的保护效果增强；（3）在信息不对称市场中，若非专业（中小）投资者把风险资产交由专业人员管理，使得所有投资者对公开披露信息的解释能力相当，从而投资者之间的买卖价差显著减少，非专业（中小）投资者的保护效果增强。
[Abstract]:The healthy development of the securities market is inseparable from the better protection of investors' rights and interests. In the securities market, the public disclosure of high-quality information by listed companies can not only effectively reduce the information asymmetry and transaction costs among investors. And to protect (small and medium) investors have important significance. Based on the information quality theory, investor information interpretation theory, investor protection effect theory and investor perspective, this paper expands the spread model and trading volume model. Try to explore the impact of information quality and information interpretation ability on the protection of small and medium investors. The study found that in asymmetric information markets, the greater the difference in information interpretation ability between professional investors and non-professional (small and medium-sized) investors, the more active stock trading becomes, and the greater the probability of information trading occurs. The greater the spread between investors, the weaker the protection of non-professional (small and medium-sized) investors.) in an asymmetric information market, the higher the quality of new information disclosure, the smaller the spread between professional and non-professional investors. The protective effect of non-professional (small and medium) investors is enhanced. (3) in an asymmetric information market, if not professional (small and medium) investors manage their risky assets with professional personnel, all investors have the same ability to interpret public disclosure of information. As a result, the spread between investors significantly reduced, non-professional (small and medium-sized) investors enhanced the protection effect.
【学位授予单位】：广州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.91;F224

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