Reserach on the characteristics of securities and information asymmetry in securities market

摘要

Securities have the characteristics of virtuality, value anticipation, uncertainty and information influence. These characteristics have the direct connection with the information asymmetry in securities market. Information asymmetry increase the uncertainty in securities market, The harms of it show in adverse selection, moral hazard, insider dealing and market manipulation, furthermore, lead to market failure. In order to decrease and cope with information asymmetry, the government should play an active role in it.