中国证券市场低效率的原因及对策研究

On the Causes of Inefficient Market of Securities in China and Corresponding Solutions

本文运用市场有效性理论，说明了证券市场效率的含义，分析了造成我国证券市场低效率的原因，提出了提高我国证券市场效率的措施：１．加强和完善信息披露制度；２．解决国有股、法人股上市流通问题；３．大力培育机构投资者，促进投资主体机构化；４．增加市场有效供给和投资需求，减少市场投机；５．强化证券市场监管体系的建设，提高证券市场的“内在效率”

Guided by the market efficiency theory, the paper clarifies the implications of the securities market efficiency. It analyses the causes of inefficient securities market in China and presents corresponding solutions: 1)enhancing and perfecting the information revealing system; 2)solving the problems of state-owned and co-operational stock circulation; 3)training the institutional investors and get them institutionalized; 4)increasing the efficient market supplies and investment demands and to decrease the market speculation; 5)strengthening the supervision system of market, thus improving 'the internal efficiency'.