【作者】 吴成颂；

【导师】 许长新；

【作者基本信息】 河海大学 ， 技术经济及管理， 2005， 博士

【摘要】 影响证券市场效率的因素是多方面的,一般来说,投资者理念成熟与否、证券市场的结构是否合理、信息披露制度的完善程度以及对证券市场的监管能力和水平的高低是影响证券市场效率的几个重要方面。 本文首先对两岸目前证券市场的效率进行了实证检验,结果表明两岸证券市场已达到弱式效率,并做出了两岸证券市场还没有达到半强式效率的判断。接着从两岸证券市场的股权结构、信息披露制度、证券市场监管制度的角度出发,在对两岸证券市场的相关制度进行比较,发现存在的问题和不足的基础上,从制度经济学和行为金融学角度对这些问题进行分析,最后从制度经济学和行为金融学的角度提出提高两岸证券市场效率的意见和建议。 通过研究认为,要提高两岸证券市场的效率,首先,中国大陆要彻底进行股权分置改革,解决由于产权不清晰而对证券市场资源配置效率的影响,接着对两岸证券市场信息披露制度的完善提出了进一步加强公司治理、建立信息披露的专门机构、提高信息披露的权威性、强化实际控制人的披露、提高违规预期成本,降低违规预期收益、创新证券市场信息披露制度、完善法定监管与行业性自律监管相结合的证券监督管理体制等建议。对于证券市场的监管,一方面要加强对上市公司信息披露的监管,另一方面,由于监管者本身的有限理性的局限,还要加强对监管部门和监管者的监督,防止权利被滥用或监管不力的现象出现。因此提出了建立健全各项法律规章,建立证券市场诉讼赔偿机制、建立多层次的证券监管体系,明确各层次的监管分工与职能,合理确定政府在监管体系中的定位、加强自律管理、建立完善的信息披露制度、加强会计、审计、企业信用评级等中介机构的规范发展、加强对监管者的激励与监督等意见和建议。最后,提出了提高两岸证券市场效率的一条重要途径是进行证券市场的交流与合作,因为这不仅具有必要性,而且也具有可行性。更多还原

【Abstract】 There are many kinds of factors affected on the stock market. Generally speaking, the most important factors are as follows: the maturity of investors’ investing concept, the reasonable structure of the stock market, the perfection of information disclosure system and the regulation ability over the stock market.This essay, firstly, makes an positive testing on the efficiency of the current stock market between the mainland and Taiwan, which indicates that the efficiency of the stock market between the mainland and Taiwan is of weak form and still not arriving at the semi-strong efficiency. Then on the basis of the analysis on the share structure, information disclosure system and regulation system of the stock market between the mainland and Taiwan, the essay probes into the causes of the existing problems and weaknesses from the different angles of institutional economics and behavioral finance. In the end, the essay puts forward some reasonable and constructive suggestions about how to improve the efficiency of the stock market between the mainland and Taiwan.From the research, the essay gives us the answers about how to promote the efficiency of the stock market between the mainland and Taiwan. Firstly, the share split in the mainland of China should be reformed, aiming at raveling out the effects on resource allocation efficiency of stock market as a result of ambiguous property right. Secondly, the information disclosure system should be further perfected from different aspects, such as, to further strengthen corporation management, to establish information disclosure specialized institution, to improve the authority of information disclosure, to innovate the information disclosure system and to perfect the stock market regulation system, etc. Thirdly, the regulation over the stock market should be reinforced by means of establishing and perfecting the relative laws and regulations, setting up the litigation compensation system of stock market, determining the rational position of the government in theregulation system, and strengthening the supervision and motivation over the supervisors. In the end, the essay poses an important and practical approach to promote the efficiency of the stock market between the mainland and Taiwan, which is to enforce the communication and cooperation in developing the stock market.更多还原