股市信息透明度与市场质量:一个文献综述  

Stock Market Transparency and Market Quality: A Literature Review

作　　者：张肖飞[1] 

机构地区：[1]河南财经政法大学会计学院

出　　处：《金融评论》2013年第5期104-114,126,共11页Chinese Review of Financial Studies

基　　金：国家自然科学基金项目(71101044);教育部人文社会科学研究基金项目(11YJC790288)的资助

摘　　要：股市信息透明度是市场结构的基本目标之一,是保证市场公正和有效性的重要环节,也是形成公平、合理价格必不可少的一环。透明度的变化会直接影响市场质量,一方面,信息透明度越高,市场参与者获取的信息越多,市场应该更加有效;另一方面,信息透明度越高,也有可能会阻碍知情交易者的交易,降低他们的交易意愿,市场流动性受到影响。因此,究竟透明度应该披露何种程度才是合理的?学术和实务界对此展开了卓有成效的研究,但并没有达成共识。基于此,本文主要围绕股市信息透明度与市场质量的关系展开回顾,并对未来研究做出探索性分析与展望。Stock market transparency is one of the basic objectives of the market structure, and it is an important part of market fairness and effectiveness. The changes of transparency will directly affect the market quality. On the one hand, the higher level the transparency of information, the more information of market participants will get, the market should be more effective; on the other hand, the higher level the transparency of information may hinder informed traders trade, and reduce their willingness to trade, and affect market liquidity. So, to what extent information should be disclosed is reasonable? Academic and practitioners have launched a fruitful research, but did not reach a consensus. Based on this clue, this article makes a literature review mainly around the relationships between the stock market transparency and market quality, and makes an exploratory analysis of future research and prospects.

关 键 词：股市信息透明度 市场质量 市场微观结构 

分 类 号：F830.91[经济管理—金融学]