论文部分内容阅读
投资者的套利交易是股票价格反映公司信息的关键,而套利交易的边际收益和边际成本又取决于资本市场上的非正规制约,这主要包括市场的投资理念、投资者或分析师收集和处理公司信息的能力,以及分析师面临的利益冲突。与仅依靠市场的自愿披露机制相比,强制披露虽然能够提高股票价格的信息含量,但却并非多多益善,如果影响套利交易的边际收益和边际成本的非正规制约不变,强制披露的作用将十分有限。
The arbitrage transaction of investors is the key that the stock price reflects the company’s information. The marginal revenue and marginal cost of arbitrage trading depend on the informal restriction in the capital market, which mainly includes the market’s investment philosophy, the investors and analysts to collect and process The ability of the company’s information, and the conflicts of interest the analyst is facing. Compared with the voluntary market-based disclosure mechanism, compulsory disclosure can improve the information content of stock prices, but it does not improve much. If the non-formal constraints on the marginal revenue and marginal cost that affect the carry trade remain unchanged, the mandatory disclosure will be very effective limited.