发行制度对证券一级市场效率的影响分析

Impacts of Different Offering Systems on Primary Market's Efficiency

从概念上对市场有效性与市场效率进行区分之后,以发行价中会计信息含量和发行费率为标准,实证分析了我国证券一级市场效率在不同发行制度下的变化情况。结果表明,我国证券一级市场效率在短暂的核准制阶段达到最高,这意味着行政干预会导致市场效率的降低。

After distinguishing between efficient market and market efficiency, this paper analyzes the efficiency of the primary market with different offering systems in China, based on the fiscal information in offering price and underwriting fees. It is concluded that the efficiency of the primary market reaches the top during the examination stage, which means that the administration interference decreases the efficiency.