证券价格围绕其内在价值持续波动,各种各样的信息流、市场谣言、或交易行为都可能使证券价格偏离或趋近其真实价值。本文基于我国资本市场的现况,阐述了信息对证券内在价值度量、证券价格的形成过程的作用,以及市场微观结构相关的研究。
Price discovery is an on-going process where a stock's price converges toward its fundamental value, lnformation flow, market rumors, or the trading of noise traders could all drive prices away from or toward a stock's fundamental value. This paper analyzes the background of China capital market and discusses stock valuation measurements, mispricing, price discovery process, and existing studies on market micro structure.