摘要
传统意义上对于股票市场有效性的研究大多从信息效率的角度来考察,但是站在实体经济的角度,有效配置资本才是建立股票市场的最终目的。只讨论信息有效性其实是以信息效率会自动传导至资本配置效率为前提的。通过分析信息效率向资本配置效率传导的条件,然后从产业资本形成的角度出发,利用协整分析方法对中国股票市场上的资本配置效率进行了检验。最终认为在当前中国这样在一个竞争不充分的股票市场上,信息效率向资本配置效率传导的条件并不具备。
Traditionally, study on the efficiency of stock market just focused on the information efficiency. The purpose of stock market construction is to allocate the capital efficiently. The paper firstly analyzed the condition for the transit of information efficiency to the capital allocation efficiency, then tested the efficiency of the stock market mainly from the viewpoint of the formation of industrial capital employing co-integrated testing. The conclusion is： the condition for the transmit of information efficiency to capital allocation efficiency is insufficient in China＇s imperfect competition market.
出处
《云南财贸学院学报》
2006年第1期19-25,共7页
Journal of Yunnan Finance and Trade Institute
基金
教育部人文社会科学研究基地重大项目<基于衍生金融工具的公司投融资研究>的阶段性研究成果之一。课题编号:02JAZJD790027
