基于相对熵的证券市场参与者对监管的态度偏好研究

发布时间：2018-03-07 09:04

本文选题：相对熵　切入点：偏好　出处：《中央财经大学学报》2014年09期 　论文类型：期刊论文

【摘要】：在研究参与者对于证券监管效果的评价时,现有的常规方法难以反映人类思维的整体性和偏好性。笔者引入了熵理论中基于相对熵的偏好量模型,根据问卷调查数据的特征进行拓展,并构造了度量不同群体在整体上的数据分布差异的参数。据此分析市场参与者对于证券监管效果在5个方面的评价,发现影响监管效果评价的主要矛盾。笔者提出,尽管对证券市场监管效果从总体上的评价程度和偏好程度都较低,但是对于缓解股市暴跌的政策效果评价和偏好都明显较高。依据这种方法,笔者发现了运用方差分析所未发现的各群体之间差异性。根据各群体的共同诉求以及监管者与上市公司的意见态度最接近这个主要特征,提出了政策建议。
[Abstract]:In the study of participants' evaluation of the effect of securities supervision, the existing conventional methods can hardly reflect the integrity and preference of human thinking. The author introduces a preference quantity model based on relative entropy in entropy theory. According to the characteristics of the questionnaire survey data, the paper constructs parameters to measure the data distribution differences of different groups, and then analyzes the market participants' evaluation of the securities regulatory effect in five aspects. The author points out that although the degree of evaluation and preference for the regulatory effect of the securities market in general is low, However, the evaluation and preference of policies to mitigate the stock market crash are significantly higher. According to this method, The author finds out the differences between different groups which have not been found by ANOVA, and puts forward some policy suggestions according to the common demands of each group and the opinion attitude of regulators and listed companies.
【作者单位】：北京联合大学管理学院;对外经济贸易大学国际商学院;
【基金】：国家社科基金重点项目“我国资本市场系统稳定性评估和监测研究”(11AZD010)
【分类号】：F832.51

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