信息不对称对证券市场的影响研究

发布时间：2018-02-26 09:23

本文关键词： 信息不对称证券市场复杂信息扩散网络投资者行为　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以证券市场信息不对称现象为研究对象,研究了信息不对称对我国证券市场的影响。论文首先进行定性分析,结合相关研究和理论背景,深入分析我国证券市场存在信息不对称的问题,总结出了信息不对称现象产生的原因和表现形式。接下来在理论分析的基础上进行实证研究,分别应用了面板数据回归建模和matlab编程仿真模拟实验两种实证研究方法。在实证研究部分,首先运用面板数据回归对我国基金市场的信息不对称现象进行了实证分析,创新的应用了基金品牌媒体曝光度的概念,运用历史数据建模回归重点研究了基金公司品牌曝光度对基金品牌的影响,研究在基金市场上,基金公司的公开信息是否会对投资者的投资行为和结果产生影响;同时,利用matlab编程,设计仿真模拟实验,基于投资者异质性假设,构建信息不对称的金融复杂信息扩散系统,在不同的网络拓扑结构下,按照投资者获取信息的途径、方式不同设置不同类型的交易者,阐述信息在复杂网络中传播扩散的途径不同导致的信息不对称对交易者行为的影响;最后,在定性研究与定量研究的基础上,结合我国证券市场现状,提出合理的政策建议。
[Abstract]:In this paper, the information asymmetry phenomenon in the securities market is taken as the research object, and the influence of the information asymmetry on the securities market in China is studied. First of all, the qualitative analysis is carried out, combined with the relevant research and theoretical background. This paper deeply analyzes the problem of information asymmetry in China's securities market, and summarizes the causes and forms of information asymmetry. Then, on the basis of theoretical analysis, an empirical study is carried out. In the part of empirical research, we use panel data regression to analyze the information asymmetry phenomenon in China's fund market. Innovatively applied the concept of fund brand media exposure, using historical data modeling regression focused on the impact of fund brand exposure on the fund brand, research on the fund market, Whether the public information of the fund company will influence the investor's investment behavior and result, at the same time, using matlab programming, designing the simulation experiment, based on the investor heterogeneity hypothesis, constructing the financial complex information diffusion system with asymmetric information. Under different network topology, according to the way that investors get information, different types of traders are set up in different ways, and the influence of information asymmetry caused by different ways of information diffusion in complex networks on traders' behavior is expounded. Finally, on the basis of qualitative and quantitative research, reasonable policy suggestions are put forward according to the present situation of China's securities market.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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