从博弈论视角论我国上市公司信息披露的监管

从博弈论视角论我国上市公司信息披露的监管
 

摘要：信息披露制度是我国证券市场的必要原则，信息披露法律制度在我国证券法律规范中无处不在并贯穿始终，成为证券市场有效运行与发展的基础,也成为证券监管制度的基石。为了防止投资人受到欺骗，法律规定在发行证券之前，必须把发行证券有关的资料向投资人公开，使投资人在决定是否购买证券以前有机会充分了解发行公司状况，据以判断证券是否具有相当的投资值。但是，由于我国证券市场在信息披露的监管上还有很多不完善的地方，以致上市公司可以利用我国信息披露制度的漏洞钻空子，造成经济损失及其他不良影响。本文结合我国证券市场上上市公司信息披露问题的现状，运用博弈论的方法，对上市公司和证券市场监管者建立相应的博弈模型，从理性经济人的角度分析了双方的博弈行为选择，并根据博弈行为选择结果就提高对上市公司信息披露监管效率问题提出了相应的对策建议。

关键词：博弈分析；上市公司；信息披露；证券监管

Discusses Our Country From the Game Theory Angle of View to Go on the Market Supervising and Managing Which the Company Information Disclosed
 
Abstract: The information disclosed the system is the our country stock market essential principle, the information disclosed the legal system the there is no place not in and passes through in our country negotiable securities law standard throughout, becomes the stock market effective movement and the development foundation, also becomes the negotiable securities supervising and managing system the corner stone. In order to prevent the investor receives the deceit, the legal rule in front of the release negotiable securities, must be public the release negotiable securities related material to the investor, causes the investor to decide whether purchased the negotiable securities before had the opportunity full understanding issuing company condition, according to judged the negotiable securities whether had the suitable investment value. But, because our country stock market disclosed in the information in supervising and managing also has very many imperfect places, so that goes on the market the company to be allowed using our country information to disclose the system the loophole takes the chance, creates the economic loss and other not good affects. This article unifies in our country stock market to go on the market the company information to disclose the question the present situation, the utilization game theory method, to goes on the market the company and the stock market supervise and manage establishment corresponding gambling model, has analyzed the bilateral gambling behavior choice from the rational economic mans angle, and according to gambles the behavior choice result to go on the market the company information on the enhancement to disclose the supervising and managing efficiency question put forward the corresponding countermeasure proposal.

Keywords: Gambling analysis, Goes on the market the company, The information disclosed, Negotiable securities supervising and managing