产品信息不对称下的市场信号

经济学分析了信息不对称引起的市场失效以及由此产生的逆向选择、道德风险等问题。文章在分析产品信息不对称条件下的市场表现及成因的基础上,阐述市场信号在产品信息不对称条件下的作用。     

商业银行对中小企业信贷融资风险的防范

一、信贷风险产生的理论和现实根源1.商业银行信贷风险的理论根源在于信息不对称所谓信息的不对称性是指市场上的一方掌握的信息比另一方多,双方各自掌握的信息是有差异的。在商业银行信贷活动中,银行和企业之间存在着典型的信息不对称性。企业对自身的状况有确切的了解,但为了获取更多的贷款,有时会隐瞒企业的真实情况,造成银行与企业间的信息不对称,甚至企业有时会出现道德不良,以虚假的信息提供给银行,谋取自身的利益,从而给银行造成损失。由信息不对称形成了“逆向选择”和“道德风险”。“逆向选择”是指信息不对称所造成市场资源配置…     

云南普洱茶市场存在的问题及对策———基于信息经济学的视角

文章基于信息经济学的角度,首先,对云南普洱茶市场存在的问题进行定性分析,发现云南普洱茶市场存在严重的信息不对称问题;其次,进一步采用囚徒困境、“柠檬市场”等模型分析由信息不对称导致的道德风险以及逆向选择问题,研究发现信息不对称是造成云南普洱茶市场价格乱象的最重要的根源;最后,文章针对研究结论给出减少普洱茶市场信息不对称的建议。     

经验商品电子商务逆向选择问题研究

电子商务市场上尽管存在着大量的商品信息，但仍然存在着信息不对称问题。在将商品分为经验商品与非经验商品的基础上，讨论电子商务中由于经验商品质量信息不对称引起的逆向选择及其对交易效率的影响。对第三方传递经验商品质量信息、降低信息不对称的途径进行探讨，认为电子商务市场中电子市场中介将有效地降低获取经验商品质量信息的成本，虚拟社区与不完备合同有助于在交易之间构造出相互信任的合作关系，从而减少电子商务中的逆向选择问题。     

电子商务市场中的逆向选择问题探讨

与传统市场相比较,电子商务市场中由交易双方关于商品质量信息的不对称所引起的逆向选择问题不仅存在且愈加严重,其已成为制约电子商务发展的瓶颈之一。电子商务市场中的逆向选择问题研究,主要应用信息经济学、电子商务经济学和博弈论等分析工具,结合电子商务市场的实际情况,运用定性分析和定量建模相结合的方法,构建了商品质量类型分别服从离散、均匀和正态分布的三种逆向选择模型,并且通过对三种模型的比较分析,有针对性地论证了电子商务市场中存在的逆向选择问题,以此说明了逆向选择在电子商务市场中的形成过程及其对市场交易效率的影响。     

论电视购物中逆向选择的成因与规避

当电视购物为人们带来种种便利和高效率消费模式的同时,由于电视购物类节目的选择性信息战略,使得买卖双方信息失衡,消费者潜在的风险与电视购物产品的质量不确定性密切关联。交易中的信息不对称引发了逆向选择问题,电视购物市场中低价低质品越来越多,粗糙低俗的电视购物类节目充斥荧屏,电视购物中越严重的信息不对称带来消费者越低的忠诚度,以及消费者对电视购物类节目越负面的反应。制造与传播市场信号、声誉管理和第三方介入策略将有助于电视购物中逆向选择问题的解决。     

论信息不对称与银企交易

我国经济转轨时期银企信用关系的扭曲,是银企金融交易中存在的最大问题.由于不完全契约、不对称信息和信用的次优博弈等市场缺陷的存在,银企金融交易中逆向选择和道德风险行为的存在不可避免.研究了银企金融交易的内在机理,针对上述问题,提出一些见解.     

基于信息经济学理论构建中小企业融资信息甄别体系

本文从信息经济学角度分析指出中小企业信贷市场中存在由于信息不对称造成的逆向选择现象和道德风险行动,并运用信息经济学的重要研究成果提出解决信息不对称问题,构建中小企业融资信息甄别体系的建议。     

我国医药市场信息不对称问题研究

随着医疗卫生体制改革的进行、医学模式的改变和人们文化水平的提高,我国医药市场环境也得到很大改善。然而,医药市场中信息不对称问题依然存在,并阻碍着医药市场的发展。从逆向选择防范机制、激励机制和医药市场相关制度等方面来讨论医药信息不对称问题,对降低医药市场信息不对称性提出建议。     

浅议信息不对称对保险市场的影响及对策

保险市场是一个典型的信息不对称市场,保险市场的不对称信息主要包括逆向选择和道德风险。本文分析了信息不对称对保险市场的影响并提出几点针对性的治理措施。     

中国内地与香港商品市场一体化测度研究——以北京、上海、广州、深圳为例

采用世界主要城市物价指针数据库中北京、上海、广州、深圳和香港一篮子商品零售价格数据测度了中国内地与香港商品市场的一体化程度。研究表明,中国内地与香港的商品价格差异在逐步缩小,市场呈现一体化趋势,而且CEPA的实施更加推动了两地商品市场一体化进程。随着CEPA的推进,中国内地与香港将从合作走向融合并最终实现市场的大一统。     

逆向选择与中国电子商务市场声誉机制的本土性研究——以淘宝网为例

目前关于电子商务市场下声誉问题的研究更多地停留在对一般网络市场声誉评价机制设计以及声誉评价系统的效率研究上,对于网络环境下逆向选择问题对声誉机制的影响还缺乏系统的分析。文章以淘宝网香水市场交易数据为样本,对逆向选择环境下网络市场声誉机制的作用进行了实证分析,结果显示：具有本土性特征的淘宝网声誉机制能够有效抵消网络市场逆向选择问题,但是,电子商务市场逆向选择仍然在一定程度上影响到了声誉评价系统作用的发挥。文章还基于声誉机制模型在解决逆向选择时的缺陷,提出了声誉机制的改进模型,试图能有效地激励卖家与买家以诚实的交易来获取声誉度。     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies duallisted in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies dual-listed in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.     

证券市场选择是否影响公司业绩与价值?--来自中国房地产行业的经验证据

企业在不同资本市场之间的选择往往是上市过程中一个重要决策。上市地点是否会影响其后续业绩表现以及价值？文章基于中国内地房地产企业数据的研究发现,在中国香港上市的企业比在中国内地上市的企业经营业绩更优,而两者在股市价值上并无显著差别。另外,在(中国)香港上市的房地产企业中,国有企业股市价值低于非国有企业;而在中国内地上市的房地产企业中,国有企业股市价值高于非国有企业。研究结果说明,证券市场完善的监管有利于降低代理人问题,提高企业经营业绩。     

Hong Kong-Ideal Access For Mainland Enterprises

With the deepen economic integration between mainland China and Hong Kong SAR,more and more mainland enterprises choose Hong Kong as their platform to enter the international market. At the end of 2008,more than 3,800 mainland enterprises have invested in Hong Kong with the total amount of US$20.7 billion;     

Two‐Factor Decomposition Analysis for Correlation between Mainland China and Hong Kong Stock Markets

We analyzed the correlation between mainland China and Hong Kong stock markets based on cash flow (CF) news and discount rate (DR) news instead of considering market return as a whole. We decomposed stock return into CF news and DR news following Campbell and Vuolteenaho. Then, the VAR‐ BEKK‐GARCH method was used to investigate the time‐varying correlations of CF news and DR news in the two markets. We ensured robustness by using the structural break test from Bai and Perron to estimate the structural break points during the sample period. The results show that CF news and DR news in the mainland China market is more volatile than in the Hong Kong market, and DR news correlation is usually negative when the mainland China market is undergoing some reform. The estimated structural break points were matched to important events in the mainland China market and the two markets become increasingly correlated.     

Hot Money, National Risk?

After the phasal cease of the financial crisis, from the latter half of 2009 and on, the international hot money has been trying to make a comeback and has once again viewed China as its ohieet.Many have chosen Hong Kong as the path into China.In the third quarter of 2009, the hot money which uses Hong Kong as its gateway to flow into mainland China has forced the Hong Kong Monetary Authority to inject capital into the market.     

两岸四地服务贸易与经济增长

随着经济全球化的发展,两岸四地经济合作也越来越频繁,深入研究两岸四地经济的发展具有较强的现实意义。本文使用1982-2009年服务贸易面板数据,利用SUR方法研究了中国大陆、香港、澳门和台湾地区服务贸易对经济增长的贡献,提出两岸四地服务贸易进出口总额、进出口总额分类、进口和出口分类对经济增长的贡献存在较大的差异。     

Informed trading in the index option market: The case of KOSPI 200 options

This study examines if informed trading is present in the index option market by analyzing the KOSPI 200 options, the most actively traded derivative product in the world. The spread decomposition model developed by Madhavan, Richardson, and Roomans (1997) is utilized and the adverse‐selection cost component of the spread estimated by the model is then used as a proxy for the degree of informed trading. We find that adverse‐selection costs constitute a nontrivial portion of the transaction costs in index options trading. Approximately one‐third of the spread can be accounted for by information asymmetry costs. A further analysis indicates that adverse‐selection costs are positively related with option delta. Our regression analysis shows that option‐related variables are significantly associated with estimated information asymmetry costs, even when controlling for proxies for informed trading in the index futures market. Finally, we find the evidence that foreign investors are better informed compared to domestic investors and that domestic institutions have an edge in terms of information over domestic individuals. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1118–1146, 2008