| With the establishment of the stock market, the market has become one of the means by which the resources could be allocated. The enterprises which publicly issue shares may be chosen according to the industrial policies and economic benefits, thus those enterprises according with the industrial policies with high benefits can get funds quickly. After the enterprises are listed, the competitive mechanism of the survival of the fittest can form through the investors' choices and the price signal of shares, so that the resources can flow to the enterprises and industries with high benefits. As a result, the society's resources can be allocated efficiently. At present, the traditional allocating channel is revealing disadvantages by and by, so it has become urgent for the stock market to allocate resources.The paper first studies the two fundamental conditions for the stock market to allocate resources: the efficient price of the share and the liquidity of the stock market, and the problems existing in our stock marker. To the efficient price, the paper studies whether the price reflects completely the information, and whether the price has the function of prospect and retrospect. Then the paper studies how the stock market in our country allocates resources and the problems when allocating from two points of view: the allocation of stock resources and increment resources. The paper does actual examination when studying the allocation of increment resources. The paper also puts forward suggestions on those problems in the fourth chapter. Finally, the paper studies the supervision function of the stock market in order to increase the capital yield.The studies show: the stock market in our country is playing an active role in allocating resources, but this function can not work better for the bad price signal, low liquidity of the stock market, the problems found in issuing shares and merging of assets. The paper puts forward corresponding suggestions. |
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