股市募资及其效率:分析与测算

The Analysis and Measure on the Collected Funds and its Efficiency in China

我国股市募集资金在数量上出现了快速增长与持续增长的态势 ,其波动趋势体现了与股市年度行情的一致性和与经济增长的不一致性的两个特点 ,表明其规模过小 ,还不足以成为经济运行的晴雨表。在此基础上 ,分析股市募集资金对GDP的关联性 ,同样也表明募集资金对经济增长的贡献尚未达到显著性水平。

The funds collected from China's stock market have increased rapidly and steadily .The fluctuating trends reflect the consistency with the annul stock price variance and inconsistency with China's economic growth. The characteristics do not support theory that the stock market will serve as the guidance of economic operation. The article based on the above analysis gives a positive research conclusions: the collected funds have not reached the remarkable high level in relation to its contribution to GDP and economic growth. The intelligible and effective methods of measuring the direct contribution to GDP from collected funds have been suggested in the article.