我国证券市场信息披露制度的演进及其对市场效率的影响

发布时间：2018-04-13 20:41

本文选题：信息披露制度 + 市场效率　；参考：《浙江大学》2013年硕士论文

【摘要】：中国的信息披露制度在中国证券市场发展壮大的20年多间不断完善,信息披露制度的发展是否提升了资本市场的定价效率,受到人们的关注。本文将信息披露制度分为一级市场信息披露制度、二级市场信息披露制度两类,整理了20多年来有关信息披露的法律法规,以“真实、及时、完整、规范”为衡量指标,对一级市场、二级市场的信息披露制度分别划分阶段。本文首先讨论了信息披露制度是否促进了一级市场定价效率的提升,选取IPO折价率作为衡量指标。经研究发现,一级市场信息披露制度发展三个阶段的IPO折价率呈现递减趋势,信息披露制度的发展有利于一级市场定价效率的提高。之后,本文讨论了信息披露制度是否促进了二级市场定价效率的提升,选取股价波动同步性作为衡量指标。经研究发现,在二级市场信息披露制度发展的四个阶段,公司特质信息对股价波动的影响呈递增趋势,投资者在对资产定价时越来越多地考虑到公司本身的信息,二级市场信息披露制度的不断发展对A股市场的定价效率起到了推动作用。根据对现行法规的整理和实证结论,本文对如何进一步完善我国的信息披露法律制度提出了一些政策建议。如完善信息披露法律责任的归责体系,加大违法信息披露的民事责任赔偿,并可以运用事件研究法对违法所得进行计算等。
[Abstract]:China's information disclosure system has been continuously improved in China's securities market for more than 20 years. Whether the development of information disclosure system has improved the pricing efficiency of the capital market has attracted people's attention.This paper divides the information disclosure system into two categories: the first level market information disclosure system and the secondary market information disclosure system. The author collates the laws and regulations concerning information disclosure for more than 20 years and takes "true, timely, complete and standardized" as the measurement index.The information disclosure system of the primary market and the secondary market are divided into stages.This paper first discusses whether the information disclosure system promotes the improvement of the pricing efficiency of the primary market, and selects the discount rate of IPO as the measure.It is found that the discount rate of IPO in the three stages of the development of the information disclosure system in the primary market shows a decreasing trend, and the development of the information disclosure system is conducive to the improvement of the pricing efficiency of the first-level market.After that, this paper discusses whether the information disclosure system promotes the efficiency of pricing in the secondary market, and selects the synchronism of stock price volatility as the measurement index.It is found that in the four stages of the development of the information disclosure system in the secondary market, the influence of the company trait information on the stock price fluctuation is increasing, and investors are increasingly taking into account the information of the company itself when pricing the assets.The continuous development of the information disclosure system in the secondary market has promoted the pricing efficiency of the A-share market.According to the current laws and regulations and empirical conclusions, this paper puts forward some policy suggestions on how to further improve the legal system of information disclosure in China.Such as perfecting the imputation system of the legal liability of information disclosure, increasing the civil liability compensation of the illegal information disclosure, and using the incident research method to calculate the illegal income and so on.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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