The Comparative Analysis Of Efficiency Market Between China And Russia

As the foundation of mainstream finance and modern investment theory, Efficient Market Theory, also called Efficient Market Hypothesis (EMH), has caused wide concern in the field of finance for a long time. Because of its theoretical and practical significance, it attracts more and more theoretical and empirical researches. This thesis focuses on the market efficiency of Chinese stock market. Since the establishment of Shanghai Securities Exchanges in 1990, Chinese stock market recorded impressive growth in its first decade, and the stock market plays an important role in Chinese economic development now. The fundamental aim of this thesis is to analyze whether the Chinese stock market is efficient, further more, to ascertain the degree of market efficiency. Russia is similar to China in some degree, and Russian stock market is also open in 1990, so the market efficiency of tow markets is compared in this essay. And then according to the result, it analyzes the market efficiency of two stock markets, and the reasons of low efficiency in stock market, and puts forward some executable policies to improve efficiency. The dissertation is composed of preface and five chapters, the main contents in each chapter are as follows: The first parts briefly introduce the meaning and background of doing this research. The second parts provide sufficient evidence to support the whole idea of comparative analysis between those two countries after the study of research of market efficiency theories in the past. The third parts provide the whole process of empirical analyze. The forth parts compare the Chinese and Russian stock market efficient, show the reasons of low efficiency in stock market, and puts forward some executable policies to improve efficiency. The last part is a conclusion of whole essay.