| 证券投资咨询信息的价值分析 |
| |
| 引用本文： | 奚君羊,袁鲲.证券投资咨询信息的价值分析[J].华东师范大学学报(哲学社会科学版),2003,35(3):102-106. |
| |
| 作者姓名： | 奚君羊 袁鲲 |
| |
| 作者单位： | 上海财经大学,现代金融研究中心,上海,200433 |
| |
| 摘 要： | 证券投资咨询信息的价值是不确定的。在信息对称即投资者对咨询机构的预测水平完全了解的情况下，咨询信息的价值不会出现负值，并表现为咨询机构的预测水平越高，咨询信息的价值也越高；而且随着咨询机构预测水平的降低，咨询信息的价值也将增大。在信息不对称的情况下，咨询信息不仅可能没有价值，反而可能导致投资者亏损。由此得出的政策推论是，政府不仅要加强“合规性监管”，远应该采取有效措施缓解咨询机构和投资者之间的信息不对称。
|
| 关 键 词： | 证券投资 咨询信息 价值分析 投资咨询 投资决策 信息对称 模型 |
| 文章编号： | 1000-5579(2003)03-0102-05 |
A Value Analysis of Consulting Information on the Investment of Securities |
| |
| XI Jun-yang,YUAN Kun.A Value Analysis of Consulting Information on the Investment of Securities[J].Journal of East China Normal University :Philosophy and Social Sciences Edition,2003,35(3):102-106. |
| |
| Authors: | XI Jun-yang YUAN Kun |
| |
| Abstract: | This paper makes an analysis of the value of investment consulting information from the return change of different investment decisions. Under complete information or in the condition that an investor has complete knowledge about correct ratio of an investment institution' s advice, the value of consulting information cannot be negative. Under the condition of incomplete information, if the real ratio of information is smaller than the ratio that the investor has known about the consulting institution and the real ratio cannot meet the boundary condition, the information has no value at all, but also results in the loss of the investor' s profits. The government should strengthen its regulation and management on investment consulting institutions. This will help to protect investors' interests and promote a development of the market of securities. |
| |
| Keywords: | investment consulting service information value information dissymmetry |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
