公司控制权市场与证券市场效率

Market for Corporate Control and Effeciency of Stock Market

随着证券市场在我国市场经济体系中核心地位的日益凸显 ,以及我国股市中诸多不规范问题的暴露 ,理论界对我国证券市场的效率给予了较多的关注和探讨。许多学者从“有效市场假说”出发 ,运用实证方法检验我国股票市场的效率 ,得出“弱态有效”的结论。本文从公司控制权市场理论出发 ,强调探讨我国股票市场效率的基本学术范畴 ,不是“有效市场假说” ,而是公司控制权市场理论。在我国制度变迁的大背景下 ,公司控制权市场作为证券市场重要的功能模块 ,其发展和规范程度从根本上决定了证券市场的效率。

The efficiency of China'a stock market has been an important topic in academy fleld recently.Following on Efficient Market Hypothesis(EMH)and using empirical method,many scholars draw a conclusion that China's stocks market is the Theory of Market for Corproate Control but not EMH.On the background of institution change,the deveolpment of Market for Corporate Control,which as the crucial function model of stocks market,determines the efficiency of China's stocks market.