摘要
文章以2005年4月至2007年3月,沪深300指数所包含的股票为样本股,采用股价非同步指标对中国证券市场股价信息含量进行实证研究。结果表明,股权分置改革以后的证券市场中所包含的公司信息含量呈上升趋势,股权分置改革对市场效率的提高产生了积极影响。
It is well know that the low efficiency of the security markets has always been a big problem in China. The reformation of shareholder right splitting taking place in 2005 will supply a new institution for the security markets of China, and will pave a more perfect foundation for the improvement of market efficiency. This paper makes an empirical analysis of the stock price information content by using the non-synchronicity index and taking samples of the stocks in hu-shen 300 stock price indexes during May, 2005 - March, 2007. It concludes that the firm-specific information does show a trend of escalation, proving that the shareholder right splitting reformation has generated positive influences over the improvement of market efficiency.
出处
《国际经贸探索》
CSSCI
北大核心
2007年第12期57-60,共4页
International Economics and Trade Research
关键词
股权分置改革
市场有效性
实证研究
shareholder fight splitting reformation
market efficiency
empirical study
