全流通过程中股票市场格局的变化趋势  

Judgment on Fundamental Changes in Chinese Stock Market under Complete Circulation

作　　者：巴曙松[1] 储怀英[1] 郑弘[2] 

机构地区：[1]中国科学技术大学 [2]中央财经大学,北京100081

出　　处：《财经理论与实践》2008年第5期44-48,共5页The Theory and Practice of Finance and Economics

摘　　要：从一个经典的动态不完全信息信号博弈模型的视角分析当前中国股票市场解禁的非流通股股东与现存普通流通股东的博弈行为,结果表明:当前针对大小非减持的信息披露机制有其积极意义;同时我国股票市场会发生一些重大变化,特别是价值发现功能和经济晴雨表的功能将逐步增强。From the perspective of dynamic games with incomplete information we analyze behavior of two parties, non-tradable shareholders and tradable shareholders, in Chinese stock market. We conclude that the information disclosure system in the process of reducing holdings is essential for separate equilibrium which stands for high efficiency of capital market, and that some big changes will take place in stock market, in particular pricing of shares is more reasonable than before and stock market will reflect the performance of Chinese economy better than ever.

关 键 词：大小非 减持 不完全信息动态博弈 全流通 并购重组 

分 类 号：F830.91[经济管理—金融学]