基于资本配置效率的中国股票市场制度有效性分析

Analysis on Institutional Effectiveness of China's Stock Market Based on Capital Allocation Efficiency

用资本配置效率表征股票市场制度有效性。使用面板数据分析方法,从行业和地区视角,对中国实行发行核准制度期间股票市场的资本配置效率进行了实证分析。结果表明:中国股票市场的资本配置效率较低,资本配置功能的实现程度较低,股票市场制度低效。指出:中国股票市场的制度变迁应由"政府主导"转变为"市场主导"、加大违规处罚力度、培育理性而成熟的投资者,从而更好地实现股票市场制度功能、提升制度有效性。

This paper uses the efficiency of capital allocation to represent the institutional effectiveness of stock market.Through the panel data analysis,it empirically analyzes the capital allocation efficiency of China＇s stock market from the perspectives of industry and area in the period that China implements offering verification.The results show as follows：the capital allocation efficiency of stock market is low,and the realization degree of capital allocation function is not satisfying,and the stock market institutional is inefficient.Therefore,the institutional change of stock market requires the transition from government-oriented to market-oriented,and the punishment to those who violate the laws and discipline,and the cultivation for reasonable and mature investigators should be strengthened,thereby to realize the institutional function of stock market and improve institutional effectiveness better.