Studies On The Efficiency Of Chinese Stock Market

As the main form of capital market, the stock market is an important component of the national economy, the quality of its development and its operation efficiency influence the speed of captal flow and alloacation efficiency of social resources directly, and then influence the development level of the whole national economy. So, since appearing of the stock market, its efficiency problem has been great subjects studied and discussed by scholars all the time.The efficiency problem of China stock market has been the focus cared about and studied by the domestic scholars. There is greater difference among domestic studies at present, the positive researchs of many scholars indicates that China stock market is weak efficient, but some scholars have put forward different ideas to this. Based on these studies and discussion, we probe into the standard of efficiency, and examine the efficiency of China stock market through the real example, and point out the system defect is inefficient source of stock market in our country, then propose some ways of improving China's stock market efficiency.Firstly, we investigate the difference between China stock market and the ripe stock markets of foreign countries; so as to state the suitability in appraising market efficiency of effective market theory, and to define the intension of the efficiency of stock market again. Our study shows that, China stock market, as a developing stock market, still has some imperfect aspects, and has greate disparity to hypotheses on which effective market theory depends, so market validity does not totally equate with market efficiency, the former only reflects a respect of the latter's, namely information efficiency. In my opinion, the efficiency of stock market includes resource distribution efficiency besides information efficiency. Resource distribution efficiency means the efficiency of shifting financial resources from savers to producers through the price mechanism on the stock market, thus realize the effective use of rare resources. It includes double meanings, namely effective mobilization of fund and high-efficient use of financial resources. The effective mobilization of fund means that raises the efficiency of the fund on the stock market, and high-efficient use of financial resource means high-efficient use of fund got on stock market.Then, we examine the efficiency of China stock market using quantitative analysis...