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上市公司披露的信息是资本市场的运行基础 ,在没有任何信号显示机制的情况下 ,由于内部人控制所存在的追求自身效用最大化的缺陷 ,导致了资本市场中信息的不对称 ,出现“坏车驱逐好车”现象。信号显示理论有利于解决逆向选择与道德风险导致的市场失灵或市场运行效率低下问题。同时 ,为保证信息的真实性 ,减少信息不对称给经济造成的危害 ,政府应在完善市场体系、健全上市公司信号显示机制中采取适度的政策干预 ,具体做法是 :( 1)建立一套完备的信息披露制度 ;( 2 )建立一个优胜劣汰的竞争机制 ;( 3)建立遏假保真机制 ,提高造假成本 ;( 4 )建立上市公司信誉评价机制 ;( 5 )建立规范的社会审计市场的信号显示机制。
The information disclosed by listed companies is the basis for the operation of capital markets. In the absence of any signal display mechanism, due to the defects in the internal control of the pursuit of maximizing its own utility, the information asymmetry in the capital market leads to “bad” Car drive a good car "phenomenon. The signal display theory helps to solve the problem of market failure or inefficiency of market operation caused by adverse selection and moral hazard. At the same time, in order to ensure the authenticity of information and reduce the harm caused by asymmetric information to the economy, the government should take appropriate policy interventions in perfecting the market system and perfecting the signal display mechanism of listed companies. The specific measures are as follows: (1) (2) Establishing a competition mechanism for survival of the fittest; (3) Establishing a fake-faith fidelity mechanism to increase fake costs; (4) Establishing a credit rating system for listed companies; (5) Establishing a standardized social audit market signal Display mechanism.