增加证券市场透明度不一定改善市场质量

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 ,我们的研究表明 ,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。

Greater Market Transparency Does Not Necessarily Improve Market Performance

Owing to the belief that market transparence promotes efficiency and equality, many security market supervisors are recently attempting a highly or even a completely transparent market. Our research, however, shows that increase in transparency cannot necessarily improve the market performance, for it has a rather complicated impact on the market efficiency and investors' welfare. A market with appropriate exposure in line with the actual condition is instead the order of course. Measures should be taken to regulate market manipulation related to the compulsory data exposure.