增加证券市场透明度与改善市场质量

根据市场微观结构理论 ,证券市场透明度变化显著影响市场效率与投资者福利。近年来 ,基于增加市场透明度将促进市场效率及公平的信念 ,许多证券监管当局试图建立高度透明甚至完全透明的证券市场。然而 ,本文的分析表明 ,增加透明度并不一定改善市场质量 ,其对市场效率与投资者福利的影响十分复杂 ,监管当局应当根据市场特征建立适度透明而不是过度透明的信息披露制度 ,同时需要采取措施规制基于强制信息披露的市场操纵行为。本文最后对如何完善国内证券市场大宗交易制度提出了政策建议。

Increasing Transparency of Security Market and Improving Its Quality

In terms of market microstructure theory, changes in security market transparency have a significant impact on market efficiency and public welfare. Based on this belief, many supervisory authorities seek to establish highly transparent or even fully transparent markets. However, this article suggests that increase in transparency does not necessarily improve market quality, and that their influences on market efficiency and investor welfare are rather complicated. Therefore, supervisory authorities should set up moderately transparent rather than excessively transparent disclosure system according to market features while regulating market manipulation behavior based on mandatory disclosure. Finally the article proposes some policy advices to perfect the rules of large trade in the domestic security market.