【摘要】 本文建立了逆向选择条件下证券发行市场的基本模型,在进行拓展分析后认为,现实中证券发行市场逆向选择未明显发生的原因之一在于t的大小和质量分布图,并根据历史数据得出了实际的t和质量分布图。本文研究认为,消除信息不对称是证券发行市场得以健康发展的关键,中国证券发行保荐制度的出现既有深刻的历史原因,也得到理论分析和实证的检验。更多还原

【Abstract】 In this paper, we set up a basic model for the securities issuing market under the condition of adverse selection. After an in-depth analysis, we believe that adverse selection is not obvious in the real stock market, one of the reasons is the value of t and its quality distribution. We can get the actual t and its distribution map based on the historical data. We believe that the elimination of asymmetric information is the key for the health development of issuing market. Rooting in the profound historical reasons, the Sponsor System for securities issuing pass the theoretical analysis and empirical testing successfully.更多还原