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信息不完全或信息差别导致的证券市场失效有两种典型的形式:一是“败德行为”;二是“不利选择”。在具有不利选择和败德行为的市场中,投资者和筹资者之间的委托代理合同的效率是低下的,在这种低效率的合同环境下,资金往往难以得到合理有效配置。不利选择和败德行为引致的证券市场低效率的
There are two typical forms of stock market failure caused by incomplete information or information difference: one is “bad moral behavior”; the other is “unfavorable choice.” In markets with unfavorable choices and bad behaviors, the efficiency of the principal-agent contract between investors and fund-raisers is low. In such an inefficient contract environment, funds are often difficult to be reasonably and effectively allocated. Inefficient choice and bad behavior lead to the stock market inefficient