Efficiency of the Information Structure in the Capital Market and Corporate Governance
Corporate governance and information structure compose important parts of the capital market, at the same time there is unseparated correlation between them. On the one hand, the information system is exposured to specific corporate governance structure, its information disclosure is subject to corporate governance structure and has a critical influence. Corporate governance contributes to the implementation of information disclosure standards and the specific content. On the other hand, the quality of disclosure directly affects corporate governance results. This article focuses on information transmission of the capital market. Based on efficient market theory and fractal market theory, it analyses the impact of information conduction process on governance structure of listed companies, and finds the relevant law. Focused on an analysis of alternatives to the process of information generation, the article finds that the effectiveness of the capital market can be divided into the endogenous efficiency and the exogenous efficiency, and the market behavior is the efficiency of these two specific performances. The following conclusion is reached: the information structure should be effective and meet the market value of the effective information and the effective use of the information value. According to this the article proposes the effective market standards of testing the information structure.
Capital Market Corporate Governance Structure Endogenous Efficiency Ezogenous Efficiency
ZHANG Yuanping LI Zhaojun
Financial Department of Economic College, Tianjin University of Finance & Economics NO.25 Zhujiang Road, Hexi District, Tianjin, P.R.China, 300222
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1139-1145
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）