Division of Labor and Information Disclosure in Security Markets
QU Yan-yin · Zhongyang Caizheng Jinrong Xueyuan xuebao · 2003
This paper puts forward the question from the disputation on information disclosure system, then discusses this question from the view of new classical economics. The division of labor between shareholders and managers leads to information asymmetry. In order to eliminate the information asymmetry, to decrease the risk for coordinate failure, information disclosure system is terribly needed. The paper finally points out what we should do in Chinese information disclosure system from the view of the reduction of endogenous and exogenous transaction cost.