我国证 券市场效率问题研究.docxVIP

Abstract This article has elaborated systematically the general theory and a series of research that processors did and explored about the efficiency of security market, and pointed out that the effective market theory does not have complete explanation ability for our specific security market. To inspect the efficiency of our security market, this article take the angle of the resource deployment which is the basic economic implication of the efficiency. From such an angle ,this article list some indexes to measure the efficiency of our security market. Through the theory constructing and real diagnosis analysis, this article explained a fact that our security market has a low efficiency and the scholars can be consistent about it. To discuss what cause the low efficiency of our security market, numerous scholar stand on market validity, and point out information asymmetrical have caused information conduct mechanism twisted, so, it contribute to the price of security market can not make the reflection according to the information timely and accurately, then it lead to the low efficient of our security market. This paper attempts to discuss this problem in a deeper level , points out that the cause of information asymmetrical lies in the system defect that is produced in the mandatory system changes course of our country. This article has discussed the inner connection among the system defect and information conduct mechanism and the resource disposition efficiency in detail , and pointed out that system defect activates to the market mechanism, and arouses the operation mechanism of market twisted, makes the original operation mechanism of the market can not play effectively. The external forces activate to the inner operation mechanism, which make the information transmitting channel get hinderance,then the market can not realize the effective reflection and transmission of the information, which has weakened the inner disposition ability of the resource of