Research On The Resource Allocation Efficiency In Chinese Stock Market

The financial market is the core component of the modern market economy system, of which the optimized resource allocation directly influences the economic development of the country. The stock market is an important part of the modern financial market, therefore, it also plays a significant role for the economic development of the state. According to general economy theory, the stock market has dual functions for the resource allocation in the society:one is the financing function, that is, to raise capital with the information that stock price reflects; the other is the function of resource allocation optimization, that is, to reasonably allocate limited capital within a certain period to highly productive enterprise.Efficiency is the core proposition of economy theory and also important content of stock market theory. The efficiency of the stock market can be classified into information efficiency and resource allocation efficiency in accordance with functions of the stock market. The optimized resource allocation is the ultimate target of all economy theoretical research, that is, how to allocate limited resource in economy to production in different entrepreneurs and industries, so that these set resources can achieve the maximum production of social material products and labor service. In this sense, research on resource allocation efficiency in the stock market is an crucial subject in the stock market and even the whole capital market theoretical research. Therefore, the aim of research in this thesis is resource allocation efficiency in the stock market.The thesis investigates resource allocation efficiency in the stock market from the micro and the macro perspectives. From the micro perspective or the angle of public companies, it carries on analysis from two aspects:one is to analyze the use efficiency of incremental fund of public companies, including the use efficiency of the fist time financing fund and the refinancing fund. The first time financing refers to the fund raised during initial public offerings and the refinancing refers to the fund raised by the additional issue of stock and placement stock. The other is to analyze use efficiency of stock fund in public companies, i.e. the efficiency of merge and reorganization. The chapter selects the financial index of public companies and analyzes with the descriptive statistics method. It comes to conclude that for micro analysis of the resource allocation efficiency in the Chinese stock market, overall the resource allocation efficiency in the stock market is low, either for the use efficiency of fund raised during initial public offerings and refinancing fund, or for the merge and reorganization efficiency of public companies.From the macro perspective, it carries on analysis from two aspects, as well:one is the efficiency of the optimization of the national industrial structure promoted by the stock market and the other is the efficiency of the national economy growth promoted by the stock market. For the efficiency of the optimization of the national industrial. structure promoted by the stock market, the thesis refers to various literature, selects the index of industrial structure optimization, the index of the financing in the stock market and the index of medium to long term credit financing, builds the corresponding index system and adopts statistics methods such as the cointegration analysis and the regression analysis to do research. For the efficiency of the national economy growth promoted by the stock market, the thesis refers to various literature, selects the index that reflects the development of the stock market (including the capitalization rate, the transaction rate), the relevant index that reflects the economic growth (including the actual GDP growth rate, the investment growth rate of fixed assets and the bank saving rate of residents) and the financial development index, builds the corresponding index system and adopts the regression analysis to do research. It comes to conclude that for macro analysis of the resource allocation efficiency in the Chinese stock market, overall the resource allocation efficiency in the stock market is low, either for efficiency of the optimization of the national industrial structure promoted by the stock market or for the efficiency of the national economy growth promoted by the stock market.Factors that influence the improvement of resource allocation efficiency in the Chinese stock market include the disclosure flaws of public company information, the financing policy flaws and The influence of intermediary agents from micro perspective, and the misorientation of the stock market, the structural flaws of the stock market, the system flaws of the stock market (containing the issue system and the delisting system) and the inadequate supervision of the stock market from macro perspective. For these influencing factors, the thesis puts forward policy suggestion for improving resource allocation efficiency in the Chinese stock market from the perspective of administration structure, information disclosure, market orientation, market structure and system.