我国证券市场融资效率问题——基于有效市场理论的分析

The Financing Efficiency Problem of China's Stock Market——Based on EMH

本研究建立在我国证券市场功能缺失的背景下,采用增量法计算直接融资比重表示我国证券市场融资效率,研究发现,我国证券市场的融资效率还处于较低水平,从平均水平来看,证券市场所满足的社会融资需求不足20%,导致这一问题的原因在于我国证券市场的定价效率还没有达到半强势有效水平,这造成我国证券市场的资源配置能力低下,融资功能发挥不畅,限制了融资效率的提升。

Based on the background of the loss of the function of China＇s stock market, the financing efficiency of China＇s stock market can be substituted by the proportion of direct financing which is calculated by the incremental method. In this study, we find that the financing efficiency of China＇s stock market is still at a low level during the ob- servation period, and the level of social financing which is satisfied by the securities market is less than 20%. The reason is that the pricing efficiency of China＇s stock market is low and has not reached the semi-strong efficiency. As a result, the resource allocation and the financing function of China＇s stock market are poor, which has affected the financing function and limited the increase of the financing efficiency.