Analysis On The Effectiveness Of Securities Market In China

Since the 1990 s,China's securities market has been developing for nearly 30 years,but it is still in its infancy compared with western developed countries.Securities market to keep fast and efficient development in our country should draw lessons from foreign advanced experience,theory and practice of the efficient market hypothesis,as one of the two basic theory of modern economics,the theory for the standard our country securities market main body behavior,improve the information disclosure system,improve the operation efficiency,reduce the cost of investors has positive significance.This paper starts from both theoretical and empirical aspects.Firstly,it elaborates the efficient market hypothesis,and makes a comprehensive analysis and introduction of the test method of market effectiveness.Secondly,the validity of the historical closing sequence of the Shanghai composite index after the reform of China's shareholding reform is analyzed,and the conclusion that China's stock market is not yet completely weak is concluded.And then the implementation of the registration system for selecting the effectiveness of the stock market,Chinese stock market has reached weak type of effective conclusion,so that the registration system of effectiveness for the stock market has a good role in promoting;Again,choose ARIMA-EGARCH model for its data for further analysis of the modeling prediction,prediction results are obtained for the hysteresis characteristics of the actual result is serious,from another perspective,confirms our country stock market did not achieve half strong type of effective state;Finally,the paper analyzes the problems and causes of China's stock market,and puts forward some reasonable policy Suggestions.The securities market is divided into three stages,which is the process of weak effective to semi-strong effective and strong effective.This process requires not only the improvement of the legal system of the securities market,but also the broad participation of rational investors,and the improvement of securities supervision.Only by working together,can we build an open,fair,just and efficient securities market environment,so as to promote the rapid development of China's securities market.