Adverse choice

The author first analyzes adverse choice and moral risk in the process of commercial banks' crediting and the actions between banks and enterprises in the credit market from a theoretical perspective.

先从理论角度，分析了商业银行信贷过程中的逆向选择与道德风险问题，以及在信贷过程中银企之间的博弈。

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First, loan credit risk is produced because of adverse choice and moral risk under the unsymmetrical information.

首先在信息经济学的框架下分析了贷款信用风险产生的原因&信息不对称下的逆向选择和道德风险；

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Asymmetry of information in Chinese stock market resulted in "the adverse choice" and "the morals hazard" in the primary market, and "the adverse choice" and heavily speculative behavior in the secondary market.

中国股票市场的信息不对称现象造成了一级市场上的逆向选择和道德风险；在二级市场上造成了股票的逆向选择和严重投机行为。

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This section discusses the mechanism that information disclosure affects capital allocation efficiency of stock market, research the adverse choice, moral hazard and capital allocation situation in Chinese stock market.

探讨了信息披露影响股票市场资本配置效率的机制，对中国股票市场的逆向选择和道德风险进行了研究，探讨了中国股票市场的资本配置效率情况。

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Information disclosure can reduce the adverse choice and moral hazard during the process of equity financing, enhance the efficiency of capital allocation.

从信息披露与股票市场资本配置效率来看，信息披露质量可以降低股权融资过程中的逆向选择和道德风险，提高资本配置效率。

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In chapter three we study the influence of market trade mechanism on "insider" trade by using order trade model, and concludes that there is adverse choice on "insider" trade regardless of in what kind of market trade mechanism.

其中第三章通过建立序贯交易模型，研究市场交易机制对内部人交易的影响，得出不论在何种市场交易机制下内部人交易都会导致市场价格逆向选择的结论。

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According to Principal-Agent theory, the risk prevention modal for moral risk and adverse choice is built.

本文根据委托代理理论，分别建立了针对道德风险和逆向选择的风险防范模型。

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Lastly, in contrast to financial healthy enterprise, financial distress enterprise has more serious information asymmetry more prominent adverse choice and moral hazard. So its sensitivity of investment-cash flow is more stronger.

最后，相对于健康企业，财务困境企业的投资者与管理者之间的信息不对称问题更为严重，逆向选择和道德风险问题也更为突出，投资现金流敏感性也更为显著。

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