台湾地区多层次股票市场资源配置效率比较研究

Comparative Analysis of Taiwan Multi-level Stock Markets and Their Efficiency

台湾地区股票市场经过50多年发展,形成了由"台湾证券交易所主板市场—柜买中心上柜市场—柜买中心兴柜市场"构成的多层次市场体系。利用Jefrey—Wurgler资本配置效率模型实证分析表明,定位在OTC市场,且以低准入门槛、灵活运作机制为特征,服务高科技中小企业的兴柜市场和上柜市场,分别有着更高的资源配置效率水平,其经验值得大陆在建设多层次资本市场中借鉴。

Stock market system in Taiwan Region,with a history of over 50 years, can be categorized into 3 different levels： Taiwan Stock Exchange （ TWSE）, Gretai Securities Market （GTSM） and the Emerging Market. The empirical analysis made based on Jefrey-Wurgler Model shows that,because of their more flexible mechanism and less admittance control, the last two levels, usually considered as OTC markets, are more efficient. Their experience can be used for reference in our mainland finan- cial market reform.