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本文采用事件研究法实证检验2008~2014年我国大宗交易市场的信息溢出效应,实证结果表明:大宗交易市场的信息溢出受到二级交易市场交易股票信息不对称的影响。当信息不对称程度高时,大宗交易信息溢出的确认功能强;当信息不对称程度低时,大宗交易信息溢出的确认功能弱。
In this paper, we use the event research method to test the information spillover effect of China’s block traded market from 2008 to 2014. The empirical results show that the information spillover of the block traded market is affected by the asymmetry of trading stock information in the secondary market. When the degree of asymmetric information is high, the function of confirming the overflow of bulk transaction information is strong. When the degree of asymmetric information is low, the confirmation function of bulk transaction information overflow is weak.