| Capital pricing efficiency is the core issue in the process of capital market development, which reflects the accuracy and comprehensiveness of the price of various securities traded on the capital market. Whether the pricing is reasonable will directly affect the resource allocation efficiency of stock market, and the price efficiency is also an important indicator to measure the degree of maturity of the market. Internet-based finance as the emerging financial model with a rapid development weaken the financial inter-mediation of the securities industry, reconstruct investment and financing pattern of the capital market, increased the competition. So it is significant to study the stock pricing efficiency of the Internet-based finance concept listed Corporation.According to the relevant research of domestic and foreign scholars, this paper is based on the capital market pricing theory and the Internet-based finance theory, and summarizes the relevant overview of the pricing efficiency of the capital market.This paper analyzes the information transparency, the rational market participators,market competition and market friction from many factors affecting the capital market pricing efficiency. After analysis, this paper found that the higher the authenticity and comprehensiveness of information, the higher the information transparency, and it also increased the perfect degree of information that the market price revealed, then it will improve the capital market pricing efficiency. When traders tend to be more rational, the information reflected in the market equilibrium price will be more accurate. Market participants in the pursuit of reason, especially in the pursuit of knowledge rationality, can learn new knowledge through continuous learning, which will be conducive to improving the efficiency of market pricing. Also the market tends to be more perfect competitive market and the smaller the market restriction, the higher the efficiency of the capital market pricing will be.This article selected 26 Internet finance stocks in 2010-2014 which can reflect the development of China’s Internet finance in recent years and have a strong representation.By calculating the proportion of systematic risk of these stocks, found that the selected stocks are highly influenced by the systematic risk. Referring the research methods of Chinese and foreign scholars, this paper considered the explanation ability of non-systematic factors for non-systematic risks, and to investigate the change of pricing efficiency. From the influencing factors, we selected company size, ownership concentration, institutional investors, stock activity, and corporate operating performance as variables. The results show that stock pricing efficiency is deficient generally, and there is a trend of decline year by year, and not all of the variables have significant impact on the non-system risks.Finally, based on the test results, this paper gives some suggestions on improving the pricing efficiency of Internet-based finance concept listed Corporation in China. Firstly,China should pay more attention to the pricing function of the capital market, and make the improving of the capital market pricing efficiency as the first principle in formulating and improving the relevant laws and regulations. Secondly, improve the regulatory system, to provide a stable environment for the effective operation of the capital market. Also,optimize the enterprises structure and improve the corporate governance mechanism, to achieve the true and effective information disclosure and improve the efficiency of security pricing through the improvement of business performance. Finally, pay attention to and improve the information disclosure system, as the perfect degree of information is a fundamental guarantee to improve the capital market pricing efficiency. |
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