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由于中国市场不采用做市商制度,在没有Bid-Ask数据的情况下改进了以前的模型,从而对中国股票市场信息不对称的程度进行了度量.然后,在此基础上进一步考察了国有法人股、机构持股、大股东之间相对力量对比等股权结构因素对交易中的信息不对称程度的影响.实证结果表明:市场中信息不对称程度随着国有、法人股比例增加而增加;随着机构持股比例上升而上升;随大股东之间的股权集中程度提高而加强.
As the Chinese market does not adopt the market maker system, the former model is improved without the Bid-Ask data to measure the degree of information asymmetry in China’s stock market.Furthermore, , Institutional ownership, the relative strength of the major shareholders and other equity structure factors on the degree of asymmetric information in the transaction.The empirical results show that: the degree of asymmetric information in the market increases with the increase of the proportion of state-owned and legal person shares; as the agency The proportion of shareholding rises and rises; it is strengthened with the increase of concentration of ownership among major shareholders.