The Empirical Study On Industries Market Efficiency And Its Relative Factors Of Shanghai Security Market

Up to the First quarter of 2009, according to the statistics of China Securities Depository and Clearing Corporation,the two places listed companies in China reached 1625, the stock market value was 16.1474 trillion yuan, continued growth in the number of investors, A stock investor accounts totaled 1.33 billion, together with the intermediary institutions, which services for the securities market, such as accounting firms, law firms, investment advisory firm, the securities industry has become fastest growing and most activity of one of new industry.As an important part of China's market economy, it's role of securities market in the national economy has become prominent. The development of securities markets is beneficial to broaden the financing channels for enterprises and promote the flow of assets and restructuring, especially in the global economic crisis environment, guiding and optimizing rational allocation of resources, which is important for economic recovery. The functions of optimizing resource allocation from securities market reflect in the scientific guidance of the capital, capital flow to high-quality companies, which is the same expected to enterprises from participants, market participants'agreed reaction to high-quality business information form the basis of this expectations. Therefore, the full flow and fully absorbed of information is an important hub of rationally allocate resources in the stock market, information efficiency of securities market portray the information flow and absorb situation accurately.In this paper,by theoretical research and analysis of market efficiency, the effectiveness of segmentation and market efficiency factors, combined with the actual situation in China's A shares which affect the efficiency of A shares of the industry factors and the efficiency of the specific relationship with the industry. In the theoretical analysis, based on the efficiency of empirical research on the industry, the results show that different industries have different degrees of weakness and effective. Then empirical research of industry characteristics, industry risk, herding, investors irrational, Change stop the system, will be weak empirical results and the effectiveness of various sectors comparative analysis, from the statistical sense, the efficiency of the factors that affect the industry,The empirical results basically consistent with the theoretical analysis. Finally the efficiency of the factors that affect the industry and put forward policy recommendations to improve the efficiency of the industry, then from China's economic structure and the A shares characteristics, has a analysis of reasons which is theoretical a analysis of the industry conflict.