Developing a system of indicators that reflects the degree to which the securities market fulfils its key functions, is essential to assess the level of its development. In the conditions of asymmetric information it can also provide effective policies for securities market development. This paper is aimed to develop a set of indicators to assess the securities market performance, especially in the asymmetric information context. To this goal, we selected the Russian securities market as a case of asymmetric information context, in comparison with other post-Soviet countries, to investigate its success and failure in fulfilling its key functions. Regarding this, we developed research hypotheses and we conducted a normative research method, based on an ideal model of market functioning that is used as a criterion for testing the hypotheses. The results offer an original scale for assessing the performance of securities market of its functions. The findings also help practitioners with effective policy making in securities market regulation and its development toward its ideal state. The key contribution of this research is in developing a new scale for determining the performance and efficiency of the securities market, based on the conditions of information asymmetry.

翻译：建立一套反映证券市场履行其关键功能程度的指标体系，对于评估其发展水平至关重要。在信息不对称条件下，这还能为证券市场发展提供有效的政策支持。本文旨在构建一套评估证券市场绩效的指标体系，特别是在信息不对称背景下。为此，我们选取俄罗斯证券市场作为信息不对称环境的典型案例，并与后苏联其他国家进行比较，研究其在履行关键功能方面的成功与失败。基于此，我们提出了研究假设，并采用规范研究方法，以理想市场运行模型作为检验假设的标准。研究结果提供了一个评估证券市场功能履行绩效的原创量表。研究结论还帮助从业者制定有效的证券市场监管政策，推动其向理想状态发展。本研究的主要贡献在于基于信息不对称条件，开发了一个衡量证券市场绩效和效率的新量表。