Practical Analysis On 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 there still are some different ideas in the academic level about the link between informational efficiency and resource allocation efficiency of stock market. Fama and other efficient market researchers have taken for granted the informational efficiency implies resource allocation efficiency. But H. Beaver pointed out that the market informational efficiency does not mean the resource allocation efficiency and economic efficiency, it is just about the link between information and price for stock ,the inclusion about the more large in marker efficiency , the more large in resource allocation efficiency is not always right . This dissertation focuses on of "the resource allocation efficiency of capital market", which includes summarizing and describing systematically the theories and empirical achievements on the resource allocation efficiency of stock market, and extends the study to the level of listed company, examines the efficiency of material capital as well as total resource allocation. Therefore, it is very significant for theoretical and empirical study on the efficiency of stock market both in theory and practice.Chapter 1 lays the foundation on essential concepts and reconstructs the theoretical system for the study on the resource allocation efficiency of stock market.Chapter 2 extends the study to the level of listed company, examines the efficiency of material capital as well as total resource allocation. The methodology is based on the foundation of production function. Then author summarizes the non-parameter method of measuring the production efficiency employing frontier production function and sets up some basic models. In the last sections, author sets up the non-parameter method models of measuring the production efficiency employing frontier production function under the conditions of output unvaried respectively.Chapter 3 is about the statistical analysis of dynamic allocation efficiency in China stock market, mainly from three situations: the selection about portfolio in listed market; selecting policy for additional issuing and the finance of listed company. The result is that the Chinese stock market is inefficient in resource allocation.Chapter 4 examines the dynamic allocation efficiency of resource of listed company. Author examines the output efficiency of each industry, in two situations: comparing the allocation efficiency of resource of listed companies and that of unlisted companies of the same industry in 1997; listed companies in 2003 and in 2004. The results further prove or indicate that the Chinese stock market is inefficient in resource allocation.Chapter 5 analyzes the drawbacks of market constructing, market and listed companies combing theory and cases, and provides some countermeasures about how to improve the efficiency of stock market in China.