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Study And Positive Analysis On Efficiency Of Chinese Present Stock Market

Posted on:2006-12-10Degree:MasterType:Thesis
Country:ChinaCandidate:Y S HeFull Text:PDF
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The stock market is playing more and more important role in promoting the reform of economic system in China as a concernful implement and carrier. The profundity comprehensive reform of stock market has been a necessity while central plan system shunt to market-oriented economy.However the stock market of China was born out of the central plan economical system and owing to the restriction of economic and historical environment, there were some systemic limitations and extrusive problems stayed behind the plan economy. As a result, there was a stock market that has low efficiency and high risk in China, which severely restricts the development of stock market!The efficiency is a central issue on studying on stock market, because the efficiency of the stock market is high or low represent the stage in different development in stock market, and decide the risk kinds of the stock market, the risk level, behavior of investors and issuers, and further decide the kind and function of the stock market.This text analyze relationship between three kinds of efficiencies of the stock market firstly, namely the efficiency of resources, procession and information, and emphasizes the information efficiency in efficiency research of stock market, After that the article discuss the basic and central contents of the information efficiency, and describe three grades,namely: the weak form of efficient market, the semi-strong form of efficient market, the strong form of efficient market. After analyzing the history and presenting situation of china stock market, the article emphasizes the method of the weak form of efficiency market, At last the author adopt the latest 180 data of Shanghai stock market to analyze efficiency from July 1 to June 30 of 2004, and the fund data from April 1 of 2004 to March of 2005.According to above research, the author analyze reasons of the low efficiency in stock market from surface and deeper level of structures, and put forward some viable policies to improve efficiency.The creation of the article to be placed in using CAPM to analyze efficiency of Chinese stock market, by this we can outstandingly elucidate the lack investors of organization like investment fund in stock market of China, which will have much meaning to manage layer.Owing to the limited knowledge, the author can not understand completely the fields of market efficiency, the research have some questions that can't be resolved, which is the defect of the article and the direction the author will research forward.
Keywords/Search Tags:Stock market, Market efficiency, CPMA, Reasons and Solutions
PDF Full Text Request
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