我国证券市场仍处于起步阶段,在政府与上市公司之间、上市公司与股东之间、股票交易大户与众多散户之间存在严重的信息不对称现象。主要表现为上市公司的虚伪包装、发布虚伪财务信息欺骗投资者,虚伪信息的提供与炒作等,其成因是多方面的,有体制性因素、交易主体素质因素及管理层监管问题等。 China’s securities market is still in its infancy. There is a serious asymmetry of information between the government and listed companies, between listed companies and shareholders, between large stock exchangers and numerous retail investors. Mainly for the hypothetical packaging of listed companies, the publication of false financial information to deceive investors, the provision of hypocritical information and speculation, its causes are many, there are institutional factors, the main quality of the transaction and management supervision issues.