共查询到18条相似文献,搜索用时 109 毫秒
1.
2.
3.
本文从基于反操纵的证券交易信息披露角度出发,分析了市场透明度理论与实证研究成果,对交易所交易信息披露制度进行了国际比较,并针对我国当前两个交易所的市场透明度现状,提出应当在广泛借鉴国际经验的基础上,进一步完善我国证券交易信息披露对象、内容和渠道的建议。 相似文献
4.
交易信息披露方式作为证券市场交易制度内容之一,影响着市场透明度,有利于强化市场价格发现机能,提高市场效率,改进市场监督作业,对交易所而言,最佳市场透明度必须是在一定的制度、市场结构与政策环境下,估量不同市场参与者相互抵触利利益的比重,对市场公平性、流动性、稳定性、有效性、竞争性统一进行考量并取舍,以寻求平衡,于是本文借鉴国际经验,仅就沪深两市的开盘信息披露现状进行有关探讨。 相似文献
5.
发行和交易的监管职能分别由证监会和交易所承担,导致发行制度和交易制度改革的相对割裂。对新股上市首日过度炒作这个既涉及到发行制度又涉及到交易制度的问题,已经不能单从发行制度、发行安排等方面寻找解决之道。在发行制度方面已经实现询价这一较为市场化的定价机制和集中发行、集中上市的发行安排的基础上,改革上市首日交易制度,控制开盘价格水平并实施首日涨跌幅限制,通过首日交易制度与非首日交易制度的合理衔接,促进一级市场和二级市场的平稳对接,可能是解决上市首日过度炒作问题的关键所在。[第一段] 相似文献
6.
全国性票据市场建设方案与路径研究 总被引:1,自引:0,他引:1
加快建设全国性票据市场有利于缓解中小企业融资难、完善货币市场和改进金融调控机制等。中国票据市场业已在市场规模、电子票据和经营机制等方面具备基础条件。目前亟须解决票据法律制度滞后、交易规模较小与品种单一、缺乏票据信用评估和做市商制度等问题,进而完善票据市场基础法律制度框架,构建服务全国性票据市场运作模式的票据交易所和清算所,丰富票据交易品种,有序发展融资性票据,健全票据市场统一规范监管框架,完善电子商业汇票系统的交易与综合服务功能,完善电子票据安全制度,实施监管整合,建立监管信息共享机制和票据风险联防网络。 相似文献
7.
近年来,衍生品市场成为全球金融业发展最快的市场。衍生品交易所在实行电子化交易、不断提供新的产品组合方面进展迅速,同时交易所之间开始加速整合和全球化。中央对手方清算在交易所市场和场外市场上均取得了越来越广泛的应用。此外,新的基于因特网的市场也越来越对衍生品交易所的发展趋势产生影响。 相似文献
8.
9.
商业银行特殊性理论表明,较低的透明度使银行风险资产具有较大模糊性。这使银行债权人和股东面临着更为严重的道德风险问题。公开交易的信息揭示功能可缓解信息不对称问题。伴随着银行公开交易而产生的控制权市场和经理人市场对银行经理所造成的竞争压力亦可缓解道德风险;它也为银行设计股票和股权等绩效状态依存的长期激励机制提供了方便。为进一步发挥公开交易的约束功能,需要完善透明度监管,建立控制权市场和经理人市场。 相似文献
10.
论证券市场的报价驱动和指令驱动制度 总被引:1,自引:0,他引:1
依据流动性提供方式,证券交易制度分为报价驱动型和指令驱动型两种。两种制度在流动性、透明度、稳定性、有效性以及交易成本方面存在差异。结合我国交易制度的现状,我国交易制度的设计,在交易制度选择上,应该以一种方式为主,多种方式为辅,发挥不同交易方式的综合优势,推动市场的全面发展。 相似文献
11.
Stock Exchange Disclosure and Market Development: An Analysis of 50 International Exchanges 总被引:1,自引:0,他引:1
CAROL ANN FROST ELIZABETH A. GORDON† ANDREW F. HAYES‡ 《Journal of Accounting Research》2006,44(3):437-483
This study examines associations between measures of stock exchange disclosure and market development at 50 of the member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange policy with desired outcomes related to market development (such as liquidity, trading activity, and market size relative to gross domestic product). We find strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size, and several other potentially relevant explanatory variables. 相似文献
12.
政府债务管理的关键是建立具有高流动性的二级市场。影响政府债券市场流动性的因素包括产品设计、市场结构、交易机制、信息披露和税收等问题。提高市场流动性的途径包括交易的竞争性结构,将税收对流动性的负面影响最小化,提高交易信息的透明度,标准化交易和清算操作,市场参与者的多元化,确定核心资产,满足基准债的市场需求,完善回购市场和衍生工具市场的功能,培育机构投资者,充分的市场监管等。 相似文献
13.
Tom Gjerde Sakthi Mahenthiran David Cademartori 《Journal of Contemporary Accounting and Economics》2013,9(2):183-202
Companies with relatively thin trading, a high concentration of insider ownership, and a privatized pension system characterize Chile’s Santiago Stock Exchange. Within this setting, we study the relationship between ownership concentration, corporate governance, and stock market liquidity. Our results suggest that board independence, corporate disclosure and outside monitoring by institutions help moderate the effects that insiders have on trading costs and liquidity. We also find that market makers with inventory reduce the informational component of trading costs. Finally, the trades of insiders provide price guidance to market makers, while traders employ a follow-the-insider strategy when transparency is low. 相似文献
14.
In this paper we examine the effect of information disclosure on securities market performance when liquidity traders are able to acquire information about inside trading. We show that the bid-ask spread increases with the liquidity trader's learning efficiency, which is greater when trade information is disclosed. The bid-ask spread is always higher when trade information is not disclosed. However, the discrepancy between the bid-ask spreads with and without information disclosure narrows when the learning efficiency increases. We also show that the gains of the informed traders in a market without trade information disclosure are reduced in the presence of the liquidity trader's learning. Nevertheless, liquidity traders do not necessarily benefit from increased transparency. In particular, liquidity traders may face higher trading costs. 相似文献
15.
Access to information is necessary for market transparency. However, contrary to trading volume and open interest, information related to day trading activities is rarely available. By incorporating unexplored day trading volume in the literature, this paper demonstrates that both the expected open interest and expected day trading volume are consistently and positively correlated with returns, but that one-lagged day trading volume is negatively correlated with futures returns. Meanwhile, both expected and unexpected day trading volume are negatively correlated with volatility, suggesting that arbitrage activities related to unexpected day trading volume may accelerate the movement of futures prices to a new equilibrium. Moreover, open interest provides liquidity but increases volatility. Finally, we strongly suggest that day trading transaction information be released by futures exchanges to achieve greater transparency. 相似文献
16.
In dealership markets disclosure of size and price of detailsof public trades is typically incomplete. We examine whetherfull and prompt disclosure of public-trade details improvesthe welfare of a risk-averse investor. We analyze a model ofdealership market where a market maker first executes a publictrade and then offsets her position by trading with other marketmakers. We distinguish between quantity risk and price revisionrisk. We show that if the market maker learns some informationabout the motive behind public trade, neither regime is unambiguouslywelfare superior. This is because greater transparency improvesquantity risk sharing but worsens price revision risk sharing. 相似文献
17.
One dimension of competition among stock exchanges is the quality of products they have to offer. In order to attract listings and trading volume, exchanges can affect the quality of their listed firms by altering their standards for firm disclosure and governance. We identify a competition with respect to delisting standards between Korea's two stock exchanges and show that it complies with the three components of a regulatory race to the top: external trigger, mobility among diverse regimes and meaningful changes that converge to similar rules. The race between the two Korean exchanges ended with stricter rules and better protected minority shareholders. The race also ended, however, with neither exchange gaining market share with respect to trading volume or new listings. Korea's experience, therefore, suggests a reason why these races are rare. In the absence of an external trigger, exchanges will be reluctant to enter a race if they think it will result in rule convergence and no winner. 相似文献
18.
公司信息透明度的市场效应——来自中国A股市场的经验证据 总被引:2,自引:0,他引:2
目前在中国市场,信息披露质量是较数量更为有效的衡量公司信息透明度的方面。基于信息披露质量,我们分别以深交所上市公司考评中不及格和优秀等级的公司、沪深违规信忠披露公司及其配对公司作为两组研究样本,同时全面考察公司的信息透明度对投资者交易行为的影响以及相应的市场效应。两组样本检验结果一致表明,低透明度和严重的信息不对称是某些知情者诈取广大不知情的中小投资者利益的温床,并扭曲了资本市场的原有功能;从2001年至2004年,尽管公司信息透明度对大量中小投资者的股票选择没有显著影响,但其的确也帮助了投资者对所选择的股票进行定价。健全法律制度、培育理性投资者与信息中介、提高公司信息透明度,是促进市场有效的根本。 相似文献