监管制度变迁对深圳证券市场效率的影响

How Regulatory System Affects Market Efficiency

本文回顾了十多年来我国证券市场监管制度的变化,运用统计分析和混沌理论来分析市场监管制度对深圳股票市场市场效率的影响。本文认为,深圳股票市场在经历了十年多的发展后市场效率在宏观上有所提高。对重大监管政策出台前后市场变动情况的统计分析表明,大量监管政策的出台在微观层面也有一定的改进。

This paper is a review, of the evolution of regulatory system of China securities market over the past decade and how regulatory system affects efficiency of Shenz.hen stock market, based on statistic analysis and theory of chaos. Shenzhen stock market is experiencing an upturn of efficiency over the past decade. As reflected by market data before and after implementation of new regulatory directives,micro market conditions undergo an obvious process of improvement.