Chinese Stock Market Efficiency of Capital Allocation Function
نویسندگان
چکیده
Using the efficiency of capital allocation function to characterize the stock market system efficiency.Using panel data analysis method,from a regional perspective empirical analysisto implement the stock market during the capital allocation function efficiency issue approval system for China.The results show: the efficiency of resource allocation of China stock market is lower,and stock market system is inefficient.Point:Chinese stock market institutional change should transform from"government-led" to "market-oriented"and increase penalties for violations to cultivate rational and mature investors in order to achieve the stock market system function better,enhance system efficiency.
منابع مشابه
Stock Price Forecasting
The especial importance of capital market in countries is undeniable in economic development via effective capital conduct and optimum resources allocation. Investment in capital market requires decision making in new stock exchanges, and accessing information in the case of future status of capital market. Undoubtedly, nowadays most part of capital is exchanged via stock exchange all around ...
متن کاملThe Integration of Multi-Factor Model of Capital Asset Pricing and Penalty Function for Stock Return Evaluation
One of the main concerns of investors is the evaluation of the return on investment, which is conducted using various models such as the CAPM (single-factor model), Fama-French three/five-factor models, and Roy and Shijin’s six-factor model and other models known as multi-factor models. Despite the widespread use of these models, their major drawbacks include sensitivity to unexpected changes, ...
متن کاملInformational Content of Option Volume Prior to Takeovers*
The capital-allocation role of financial markets rests on the informational efficiency of security prices. For the capital allocation determined by markets to be efficient, it is essential that security prices reflect all relevant information fully and accurately. Then, what types of security markets are the most conducive to price discovery and information incorporation? To investigate these i...
متن کاملتحلیلی بر روشهای ارزیابی کارایی بازار سرمایه در ایران
"Market efficiency" is the basic axiom of Financial Economics and fondamental base for ability of optimal allocation (of financial resources) in a capital market. Vast and extensive studies around Market efficiency in recent decades, has induced strong evolutions in economist’s perception from a Market efficiency, methods of assessing and their implications in real world. This essay attempts ...
متن کاملThe Influence Mechanism of Overseas Investment Bank Rating On Stock Fluctuation of Chinese Internet Enterprises in a Credit Crisis
Whether the efficiency information of China's Internet enterprises which are listed overseas can be effectively transferred to capital market during a credit crisis, the rating information provided by investment banks should be a crucial bridge for listed firms and investors. In order to probe the influence mechanism of the rating information provided by investment bank, we choose Chinese conce...
متن کامل