资本市场效率问题研究

Studies on the Efficiency of Capital Market

资本市场在现代经济发展中扮演着极其重要的角色。资本市场是否有效率 ,不仅关系到储蓄能否顺利地转化为投资 ,而且关系到一国经济发展的道路。必须从宏观调控和资本市场自身两个层次出发 ,才能对资本市场的效率进行完整的分析。分析中国资本市场的效率 ,除了要考虑资本市场自身的规律性外 ,还要考虑政策性因素的影响。

Capital market plays a very important role in modern economy,the transform of deposit-investment and the way of economic development are influenced by the efficiency of capital market.Western economists always study the efficiency of price when study the efficiency of the capital market.Their studies neglect the institutional factors and the macro efficiency.The efficiency of the capital market can be comprehensively studied only if macro controlling and capital markrt itself should be thought about and the rules of capital itself and the factors of policy must be thought about.