Role Of Stockjobber For China Stock Market Realizing Its Resources Allocation Function

In order to service for the economy-structure modulating and the economy's continuous healthy developing, In this paper, A senior systemic investigation was proposed on the role of stockjobber for china stock market realizing its resources allocation function with the guide of information economics and market efficiency theory, combining with the writer's investment-bank practices and facts of china stock marketFirst, guiding with theories as resources rarity, reasonable allocation and optimal utilization, and efficient-market theory, after analyzing the mechanism and model of resources allocation function of stock market, some necessary conditions were concluded for effective resources allocation function of stock market, such as: the precondition is that enterprises compete to win financing according to market admittance regulations; necessary condition is enterprise's property right to be clear, independent and decentralized; investors should have got necessary finance knowledge and should invest rationally; financing company should be high effective; market system should be perfect and distribute in reason with plenty finance products. At me same time, In order that resources can be optimal allocated, that rare resources can be effectively allocated to the companies or industry with high efficiency or good potential, some manners such as setting up standards for initiative issuing and second issuing, selecting policy for additional issuing, industry inclining support policies were proposed in this paper as well as price mechanism and resources reallocation.The role of stockjobbers for china stock market realizing its resourcesallocation function is investigated as an emphasis and some conclusions are drawn as following: Stockjobbers are important organizer and participant, intermedia, bridges and ligaments communicating money demanders and suppliers. Developing business such as stock underwriting, consultation, broker and asset management etc., stockjobber create conditions for resources allocation function's realizing; stockjobbers' activities such as information collecting, processing, transferring and utilizing in their business can promote effectively resources allocating efficiency of stock market.However, It limits the role for realizing resources allocation function of china stock market that china stockjobbers are not strong enough, not perfect in shareholder framework, and break the rules seriously.Finally, suggestions are proposed in this paper to effectively improve the function of resources allocation of china stock market: (1) strengthen construction of the legal system for china stock market. (2) utilize efficiently modern information technology to intensify information opening. (3) immediately resolve the currencies of state-owned stock and corporation-owned stock which occupy absolute control status in almost all issued companies, impulse to set up effective companies' father framework and emotion-restriction mechanism. (4)innovate actively to promote stockjobbers core compete ability.