| 信息质量对市场价格发现机制的影响论析 |
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| 引用本文： | 蒋华林,胡志勇.信息质量对市场价格发现机制的影响论析[J].广州大学学报(社会科学版),2011,10(4):51-55. |
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| 作者姓名： | 蒋华林 胡志勇 |
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| 作者单位： | 1. 广州大学数学与信息科学学院,广东广州,510006
2. 广州大学商学院,广东广州,510006 |
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| 基金项目： | 广东省自然科学基金项目，广州市属高校社科项目 |
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| 摘 要： | 公司公开披露信息的质量、投资者的信息解释能力和市场价格发现机制三者之间存在着重要关系。研究发现，提高披露信息质量，投资者的平均信息解释精度将提高，但专业投资者和非专业投资者之间信息解释精度的差距将变小；投资者信息解释能力对价格变动有影响，所有投资者的平均信息解释精度越高，价格变动越小；披露的信息越接近公司的真实价值，价格反映公开披露信息的效率越高；提高信息质量，专业投资者源自信息解释能力的信息优势将减少。
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| 关 键 词： | 信息质量 投资者类型 信息解释能力 价格发现机制 |
Impact of information quality on market price discovery mechanism |
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| JIANG Hualin,HU Zhiyong.Impact of information quality on market price discovery mechanism[J].Journal of Guangzhou University(Social Science Edition),2011,10(4):51-55. |
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| Authors: | JIANG Hualin HU Zhiyong |
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| Institution: | 1. School of Mathematics and Information Science, Gaangzhou University, Guangzhou, Guangdong 510006, China; 2. Business School, Guangzhou University, Guangzhou , Guangdong 510006, China) |
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| Abstract: | This paper explores the effect of information quality on market price discovery mechanism.It finds that both information quality in a public release and the information explanatory capability of investors affect the price discovery mechanism significantly.Specifically,the higher the information quality,the higher the average precision of information,but the smaller the difference of information precision between the professional and the non-professional.In addition,investors’ information explanatory capability may exert some effects on the change of price——the stronger the average information explanatory capability of all investor,the smaller the price change.The closer the information released is to the true value of a company,the better efficiency of the market price which reflects information in a release.The information advantage from professional investors’information explanatory capability will be reduced as the information quality improves. |
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| Keywords: | information quality categories of investor information explanatory capability the price discovery mechanism |
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