|
|
|
| Study on the Cost of Financing Securities Based on Asymmetric Information |
| ZHOU Rencai1,2 |
| (1．Antai College of Economics and Management, Shanghai Jiaotong University, Shanghai 200052,China；2．Orient Securities Co. Ltd., Shanghai 200010, China) |
|
|
|
|
Abstract The security company should consider the loss on investment opportunity and capital structure adjusting during financing securities. Using information asymmetry, this article constructs a game model between security company and investors, and quantitatively analyses the opportunity cost. Furthermore, through analyzing the investment portfolio risk exposure caused by financing securities and the condition about the security company’s engaging in financing securities, the article concludes that the unconditional contract gives more utility for the security company.
|
|
Received: 12 April 2009
Published: 30 March 2010
|
|
|
|
|
|
| [1] |
LIU Xiao-Ming-1, HU Wen-Wei-2, LI Zhan-3. Empirical Study on Underpricing Cause of Venture-backed IPOs Based on Information Asymmetry Hypothesis：Explanation from Reputation Effects[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2012, 46(09): 1059-1015. |
| [2] |
CHEN Jian-1, 2 , HU Wen-Wei-3, LI Zhan-1. A Comparative Research of Average Risk of Portfolio on Different Strategies and Risk Diversification[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2011, 45(12): 1824-1828. |
| [3] |
HU Ying,WU Chongfeng
. Marketability Restricted Assets Pricing Model Considering Heterogeneous Agents
[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2011, 45(01): 130-0133. |
| [4] |
ZHOU Rencai1,2
. Analysis of Securities Market Multi Period
Equilibrium under Rat Trade Condition
[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2010, 44(12): 1631-1634. |
| [5] |
TANG Zongming1，PAN Chenxiang1，LIU Hailong1，JIANG Keping2
. Large Shareholders’ Behavior of Assets Injection Under the Postperiod of Split Share Structure Reform
[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2010, 44(12): 1641-1646. |
| [6] |
LIU Shangxin1,2,GU Haiying2
. Research on Bank Efficiency and Ownership Structure Based on Stochastic Frontier Approach
[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2010, 44(12): 1647-1652. |
| [7] |
LI Peiqin1,2，HUANG Peiqing1. Supplier’s Capacity Optimization Decisions in Both Contract Markets and Electronic Markets[J]. J. Shanghai Jiaotong Univ.(Sci.) , 2010, 44(03): 340-0344. |
| [8] |
WANG Lingzhi，YANG Chaojun. Study on the Dynamic Correlation of Liquidity Risk and Market Risk During Financial Crisis [J]. J. Shanghai Jiaotong Univ.(Sci.) , 2010, 44(03): 364-0368. |
|
|
|
|
