| The practice of Chinese capital market develops rapidly, while its theory lags behind. In the financial theories in China, the theory of capital market is thought to be "the most immature, the most weak, and the most poor". In fact, how to define and assess the efficiency of capital market have been the disreputable issues and important subjects in the financial economics in the world since recent 30-40 years. Therefore, it is very significant for theoretical and empirical study on the efficiency of capital market both in theory and practice. This dissertation focuses on of "the efficiency of capital market", which includes summarizing and describing systematically the theories and empirical achievements on the efficiency of capital market, and constructing a comparatively effective and comprehensive framework of theoretical analysis, as well as doing some empirical study on the efficiency of Chinese capital market.This dissertation consists of two parts including eight chapters. Chapter 1 is a relatively independent one as an introduction of the thesis. Chapter 2 to chapter 4, composing part I , mainly describe the theories and methodologies of the subject.^ And chapter 5 to chapter 8, composing part II ,mainly do empirical study and make analysis on the subject.Chapter 1 lays the foundation on essential concepts and reconstructs the theoretical system for the study on the efficiency of capital market. In order to study the efficiency of capital market, two directions study should be done: one direction is to study the pricing efficiency of capital market by the degree of the price of pseudo capital goods, such as securities, reflecting the available information; the other direction is to expand study area to the realistic economy and study the operational efficiency of raised fund of listed company. Only these studies combined together can we come to a scientific and accurate conclusion on the efficiency of capital market. Chapter 2 establishes the theoretical foundation for the study the efficiency of capital market, which includes: Pareto criterion about optimal resource allocation; relevant basic concepts and theories on the rational expectation and information economics. Although the Efficient Market Hypothesis (EMH) is the core theory of the pricing efficiency of capital market, EMH is "the revolution of rational expectation" in some meaning according to author's view.Chapter 3 describes the theoretical kernel of EMH. At first, the basic theory of EMH is expounded, the intensions of external efficient from that of internal efficient, and the meanings of three types of efficient markets, defined by the degree of price of securities reflecting all available information, was differentiated and analyzed. Then author explains the relationship between the EMH and relevant topics, and systematically describes the methodologies of testing three types of efficient markets and so-called "anomaly" which challenge the EMH. In the last section, author study the probable cause of anomaly which oppose the EMH, as well as the cause of "bump and jump" of the price of security from the view of speculation modes. In addition,the cause of stock bubbles and its simple measurement are also analyzed in thischapter.Chapter 4 extends the study to the level of listed company, examines the efficiency ofmaterial capital as well as total resource allocation. The methodology is based on thefoundation of production function. Firstly, author introduces the theoretical basis ofmeasuring the allocation efficiency of resource of listed company -----generalproduction function and frontier production function. Then author summarizes the non-parameter method of measuring the production efficiency employing frontier production function and sets up some basic models. In the last two sections, author sets up the non-parameter method models of measuring the production efficiency employing frontier production function under the conditions of input unvaried and output unvaried respectively.Since chapter 5, the di...
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