“公开信息法规”对证券市场及资金配置效率的影响研究
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引用本文:陈双,曾令华.“公开信息法规”对证券市场及资金配置效率的影响研究[J].财经理论与实践,2011,(4):25-30
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作者单位
陈双,曾令华 (湖南大学 金融与统计学院湖南 长沙410079) 
中文摘要:通过构建一个“竞争性的经济系统”的简单模型,并在其中加入道德风险和项目质量等不完全信息因素,分析引入“公开信息法规”前后的经济均衡状态。结果表明,引入“公开信息法规”能够促进证券市场的发展,但是“公开信息法规”使得市场投资者不用花费任何成本就能获取进行项目审查所得到的收益,这可能减少银行家进行项目审查的动机,从而可能降低资金配置的效率。
中文关键词:公开信息法规  银行融资  市场融资  资金配置效率
 
The Impact on the Securities Market and Capital Allocation Efficiency from the “Public Information Laws”
Abstract:A “competitive economic system” model with special factors such as moral hazard and project quality was introduced to analyze the business equilibrium before and after the introduction of “Public Information Laws”. The result shows that the law can promote the development of the securities market. However, the law making the market investors can get access to the benefits of the project review without spending any of cost, this may reduce bankers motivation for project review. Hence, may reduce the efficiency of capital allocation.
keywords:Public information laws  Bank finance  Market finance  Capital allocation efficiency
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