华东师范大学学报(哲学社会科学版) ›› 2003, Vol. 35 ›› Issue (3): 102-106.doi: 10.16382/j.cnki.1000-5579.2003.03.017

• 经济 社会 • 上一篇    下一篇

证券投资咨询信息的价值分析

奚君羊, 袁鲲   

  • 收稿日期:2003-02-20 出版日期:2003-05-01 发布日期:2003-03-25
  • 作者简介:奚君羊(1955-), 男, 上海人, 上海财经大学现代金融研究中心副主任、教授、博士生导师
    袁鲲(1972-), 男, 湖南益阳人, 上海财经大学金融学院博士生

A Value Analysis of Consulting Information on the Investment of Securities

Jun-yang XI, Kun YUAN   

  • Received:2003-02-20 Online:2003-05-01 Published:2003-03-25

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摘要：

证券投资咨询信息的价值是不确定的。在信息对称即投资者对咨询机构的预测水平完全了解的情况下, 咨询信息的价值不会出现负值, 并表现为咨询机构的预测水平越高, 咨询信息的价值也越高; 而且随着咨询机构预测水平的降低, 咨询信息的价值也将增大。在信息不对称的情况下, 咨询信息不仅可能没有价值, 反而可能导致投资者亏损。由此得出的政策推论是, 政府不仅要加强“合规性监管”, 还应该采取有效措施缓解咨询机构和投资者之间的信息不对称。

关键词: 投资咨询, 咨询信息, 价值, 信息不对称

Abstract:

This paper makes an analysis of the value of investment consulting information from the return change of different investment decisions. Under complete information or in the condition that an investor has complete knowledge about correct ratio of an investment institution' s advice, the value of consulting information cannot be negative. Under the condition of incomplete information, if the real ratio of information is smaller than the ratio that the investor has known about the consulting institution and the real ratio cannot meet the boundary condition, the information has no value at all, but also results in the loss of the investor' s profits. The government should strengthen its regulation and management on investment consulting institutions. This will help to protect investors' interests and promote a development of the market of securities.

Key words: investment consulting service, information, value, information dissymmetry

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