信息不对称条件下的知情交易与市场操纵研究  

Informed Trading and Market Manipulation Under Information Asymmetry

作　　者：杨柏[1] 

机构地区：[1]四川外语学院应用技术学院,重庆400031

出　　处：《商业研究》2006年第20期138-141,共4页Commercial Research

基　　金：重庆市教育委员会人文社会科学项目;项目编号:03JWSK014

摘　　要：信息不对称性是证券市场知情交易和市场操纵行为产生的必要前提,知情交易虽然可能促进真实价格的发现和市场效率的提高,但更有可能引发策略性的市场操纵行为。而在市场操纵策略中必然隐含着知情交易行为。市场操纵行为是不利于证券市场的规范发展和中小投资者利益保护的。解决市场操纵的主要办法只能是信息披露制度的完善和规范。Information asymmetry is the precondition of informed trading and market manipulation. Informed trading may increase the market efficiency, but it is more likely that informed trading induces the strategic market manipulation. While market manipulation strategies contain informed trading inevitably. The market manipulation is not conducive to the canonical development of the securities market and protecting the interests of small investors, h is suggested in this paper that market manipulation should be solved by standardizing and consummating the system of information disclosure.

关 键 词：信息不对称 知情交易 市场操纵 

分 类 号：F830.91[经济管理—金融学]