美国机构股东服务公司(Institutional Shareholder Services,简称ISS)的创始人尼尔·米诺(Nell Minow)说过:资本市场的运转靠的是信任不是资本,而信任取决于信息的充分性和可靠性。然而,由于信息不对称的存在,使得证券价格不能较好地反映上市公司的基本面信息,削弱了资本市场的资源配置功能,同时还会造成投资者因获取信息的不完整而对交易缺乏信心,影响资本活动的 Nell Minow, founder of the Institutional Shareholder Services (ISS), said: Capital markets work because trust is not capital, and trust depends on the adequacy and reliability of the information . However, because of the asymmetric information, the price of securities can not reflect the fundamentals of listed companies better, which weakens the function of resource allocation in capital markets. At the same time, it also causes investors’ lack of confidence in the transaction due to incomplete information , Affect the capital activities