【作者】 黄泽先； 曾令华； 江群； 段忠东；

【Author】 ZEXIAN HUANG LINGHUA ZENG QUN JIANG ZHONGDONG DUAN (Hunan University)

【机构】 湖南大学金融学院；

【摘要】 本文运用信息不对称理论和随机鞅理论分别从基于可得信息集和完全信息集这两个角度深入地探讨了资本市场的信息有效性与资源配置最优性和次优性。在理性预期和交易成本为零的假定下,其基本结论有四:一是资本市场(条件)有效等价于事后帕累托最优,资本市场完全有效等价于事前帕累托最优;二是资本市场事后帕累托最优的充要条件是信息强对称;三是资本市场事前帕累托最优的充要条件是信息强对称和信息强完全;四是不满足信息强对称的资本市场一般只能实现事后帕累托次优,而不同时满足信息强对称和信息强完全的资本市场一般只能实现事前帕累托次优。最后,根据上述观点提出了实现资本市场完全有效或事前帕累托最优的对策建议。更多还原

【Abstract】 This paper investigates information efficiency,allocation optimality and second optimality of capital market from the two angles of available information set and complete information set.The analysis reaches four conclusions.First,the conditional efficiency of capital market is equivalent to its post-Pareto optimality,and the full efficiency of capital market is equivalent to its prior-Pareto optimality.Second,the necessary and sufficient condition for capital market to arrive at post-Pareto optimality is strong information symmetry.Third,the necessary and sufficient condition of capital market to arrive at prior-Pareto optimality is strong information symmetry and strong information completeness.Fourth,a capital market without strong information symmetry only arrives at post-Pareto optimality.更多还原