摘要
流动性是二板市场成功运作的关键。主要从信息控制论角度出发 ,区分了二板市场上存在的严重信息不对称的类别 ,探讨了二板与主板市场的区别和不加信息传递控制的危害。结合NASDAQ的成功案例 ,指出必须建立有效的信息传递机制和与其相应的多元、多层次市场体系 ,并对中国二板市场的运作提出了政策建议。
Liquidity is the essence of a successful second board. Considering the extreme information asymmetry in this market, efficient information transmitting mechanism as well as corresponding multiple and multi-leveled market system are required to ensure the liquidity. This article classifies the asymmetry of information distribution, discuses negative consequences resulting from control failure and the difference between second board and main board, thus emphasizing the necessity of efficient information transmitting control. Then, it takes a case study of the Nasdaq with a detailed process map and gives some policy implication to China.
关键词
二板市场
流动性
有效信息传递机制
多元多层次市场体系
Second board
Liquidity
Efficient information transmitting control
Multiple and multi-leveled market system
