適合性原則と投資家保護

概要

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In this study we explored the function of the suitable rule and its influence and role in the security market stucture．Under the suitable rule the security houses are not allowed to approach some kind of investors who has little information and knowledge about the property of the invest-ment opportunity．The purpose is to refrain the infant investors from the fatal loss in the imperfect information economy．In other words，the rule is complementary to the market mechanism and corresponds to the investor protection principle．Discussions developed here show that under the suitable ru1e investors are forced to purchase the less risky securities than they would purchase in the perfect market．As the results，the high risk securities and the risk averse investors are left without any counterparts．The financial intermediaries，including the banking firm，are bridging between the risky investment opportunities and the risk averse investors by producing the infor-mation of the projects．Our model is a prior attempt to explain the coexistence of the direct and in-direct financial market．
長崎大学の論文