Asymmetric Information and Ownership Structure:Evidence from China Listed Companies
信息不对称与股权结构:中国上市公司的实证分析

Information asymmetry without bid-ask spread data for the order-driving trade mechanism in China stock market was measured by proper extending of the previous theoretical model. And the facts about whether ownership structure such as state-own shareholdings,institutional shareholdings and the degree of concentration of block shareholdings affects this kind of asymmetry were investigated. The conclusion shows that informational asymmetry increases with state-own shareholdings, institutional shareholdings and especially, the degree of concentration of top 10 block shareholders.