| As a financial market, stock market can not product fortune directly. But as a tool of resource allocation, the stock market will influence the economic development by allocation resource of the social.Since the 1992, Chinese stock market have developed very quickly At present, it become the eighty largest stock market in the world. The market value is more than one trillion yuan. It raise more than two hundred billion yuan per year and sixty million investor invest in this market. All of these factor make it become one of the most important financial market in china. Naturally, it 's resource allocation efficiency will seriously influence the economic efficiency of China. Therefore, it make huge sense to study the resource allocation efficiency of Chinese stock market.Market efficiency become the most hot area for financial expert, Since Fama published his creative paper in 1971. But their still are some different ideas in the academic level about the links between stock market informational efficiency and stock market resource allocation efficiency. Fama and other efficient market researchers have taken for granted the informational efficiency implies resource allocation efficiency. But W.H.BEAVER pointed out that the market informational efficiency do not means the resource allocation efficiency and economic efficiency. In the first chapter, after reviewing the related paper of the stock market efficiency, We make the conclusion that like other market, the stock market also have the reverse selection and principle agency problem. The stock market resource allocation efficiency depend on how to solve these two problem. The informational efficiency can mitigate the reverse selection problem and the agency problem will be solved by good corporate governance. So we will discuss the stock market resource allocation efficiency from the two aspect---informational efficiency and corporate governance.In chapter 2,we do the empirical analysis for the Chinese stock market resource allocation efficiency. The result indicate that most performance of the company become worse after their IPO, which means that Chinese stock market is inefficient in resource allocation.Chapter 3 is the core of this paper, which focus on the Chinese stock market informational efficiency. We try to explain why Chinese market dose not possess the informational efficiency (the first part of the resource allocation efficiency). First of all, we set out the model to describe the game between the institutional investor and prove that the incomplete market transaction mechanism (to earn the money, you must buy some stock first) is one of the main reason for the informational inefficiency In Chinese stock market. Second, by constructing the government's utility function, we explain the motivation of government's strange action to deal with stock market. As the monitor and large shareholder of the stock market, China government is in a dilemma: as a monitor, he hope the stock price can reflect the real value of the stock. As a shareholder, he hope the stock price as high as possible. The confliction of government's two role in stock market lead to the "institutional bubble" in the stock market.In chapter four, we discussed the agency problem in the Chinese stock market. We used the principle-agency theory to construct an expect utility model to evaluate the moral hazard in listed company. we analysis the factors which influence the principle agency problem in the public company and how these factor be changed after the company's IPO. Then, we make the conclusion that at present, the company will face more principle agency problem after IPO. The Chinese stock market is not helpful to solve the problem. In chapter 5,we elaborate the damage of the stock market resource allocation inefficiency for Chinese economy and suggest that china should take following measures to improve the stock market resource allocation efficiency.1) Change the government's utility function, remove the government guarantee for the stock market2) Construct...
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