| 内幕交易、证券分析师与证券市场效率的实现 |
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| 引用本文： | 曾宝华,周荃.内幕交易、证券分析师与证券市场效率的实现[J].电子科技大学学报(社会科学版),2008,10(1):6-10. |
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| 作者姓名： | 曾宝华 周荃 |
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| 作者单位： | 广州城市职业学院,广州,510405 |
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| 摘 要： | 证券市场效率是指证券价格准确性和证券流动性。资本市场参与者包括四种典型类型：知情交易者（内部人）、信息交易者（证券分析师）、流动性交易者和噪音交易者。证券监管部门禁止内部人参与交易，有助于实现证券有效率定价和提高证券流动性。证券分析师在搜集、分析信息和对一般市场公开信息定价方面享有规模经济和范围经济，以及证券分析师之间的竞争在信息市场和整个投资银行产业产生了正外部性。
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| 关 键 词： | 证券分析师 证券市场效率 内幕交易 证券价格准确性 证券流动性 |
| 文章编号： | 1008-8105(2008)01-0006-05 |
| 修稿时间： | 2007年5月26日 |
Insider Trading,Securities Analysts and the Attainment of the Securities Market Efficiency |
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| ZHENG Bao-hua,ZHOU Quan.Insider Trading,Securities Analysts and the Attainment of the Securities Market Efficiency[J].Journal of University of Electronic Science and Technology of China(Social Sciences Edition),2008,10(1):6-10. |
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| Authors: | ZHENG Bao-hua ZHOU Quan |
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| Institution: | Guangzhou City Polytechnic Guangzhou 510405 China |
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| Abstract: | The two main determinants of market efficiency are securities price accuracy and securities liquidity.The participants of the capital markets are varied,but we can classify them simply into the following four types: informed traders(insiders),information traders(securities analysts),liquidity traders,and noise traders.Securities adopt the restriction on insider trading,to entrust analysts with the role of providing efficient and liquid markets.Analysts can realize economies of scale and scope in searching,analyzing,and pricing general market information.The competition among analysts generates positive externalities for the information market and the investment banking industry. |
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| Keywords: | securities analyst securities market efficiency insider trading securities price accuracy securities liquidity |
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