证券市场中的信息与市场透明度

通常认为证券市场透明度的高低是市场发达程度的一个重要指标。本文则从市场的制度基础出发，运用信息经济学、行为金融学的基本方法与结论，对传统的有效市场假说加以补充，从而得出有关市场透明度的与主流看法不尽相同的结论，认为在当今资本市场国际多元化、信息技术日益普及的形势下，完全透明化并不总是对市场运作有利。

Information and Transparency in Security Market

It is generally accepted that transparency of security market is an important measure of market development, and high transparency is preferred. This paper applies the methods and conclusions in Information Economics and Behavioral Finance to analyze the institution establishment of the market. Eventually the paper improves the Efficient Market Hypothesis (EMH), and comes to a conclusion that is different from the traditional mainstream perspective: in a world with globalized capital market and prevalence of information technology, excessive transparency enhancement does not always improve market efficiency.