基于我国资本市场效率的资本市场监管研究

发布时间：2018-08-22 12:32

【摘要】：资本市场在一国的经济体系中扮演着重要的角色，然而市场失灵和资本市场效率低下常常使其不能正常发挥资源配置的功能，这严重影响了整个宏观经济的发展，甚至会导致金融危机。对资本市场进行监管是避免出现市场失灵，提高资本市场效率的有效方式。但是，在各国资本市场的监管和效率关系的理论研究和实践过程中发现，不适当的政府监管不仅会阻碍资本市场效率的提高，而且会干扰资本市场的正常运行，导致市场混乱。我国资本市场发展晚，发展阶段低，虽然经过了二十几年的发展，但仍有很多地方不规范。我国过去的资本市场监管行为是否对我国资本市场效率的提高有效以及如何改进监管来更好地促进资本市场的发展是一个十分有研究价值的课题。本文采用规范研究与实证研究相结合，归纳与演绎相结合的方法。首先从资本市场的监管和资本市场效率的理论发展着手，系统地综述了国外学者的研究成果，将监管理论归纳为需求理论和效应理论两大类；将资本市场效率划分为信息效率、分配效率与运行效率，并重点阐述了信息效率的核心理论：有效市场假说。然后从资本市场的监管与效率关系入手，，理论方面从必要性、正面效应和负面效应分析了监管对于市场效率的影响；实证方面，基于我国资本市场的效率，利用随机游走模型，以上证指数为样本，检验了我国监管对资本市场信息效率的影响，得出了我国资本市场监管有助于揭示资本市场效率的结论。最后，基于资本市场效率给出了改善我国资本市场监管的对策建议。
[Abstract]:The capital market plays an important role in the economic system of a country. However, the failure of the market and the inefficiency of the capital market often make it unable to play the function of the allocation of resources, which seriously affects the development of the whole macro-economy. It could even lead to a financial crisis. Supervising the capital market is an effective way to avoid market failure and improve the efficiency of capital market. However, in the theoretical study and practice of the relationship between capital market regulation and efficiency in various countries, it is found that inappropriate government supervision will not only hinder the improvement of capital market efficiency, but also interfere with the normal operation of capital market and lead to market confusion. The capital market of our country develops late, the development stage is low, although has developed for more than 20 years, but still has many places not standard. Whether the supervision of capital market in the past is effective to the efficiency of capital market in China and how to improve the supervision to promote the development of capital market is a subject of great value. This paper adopts the combination of normative research and empirical research, inductive and deductive methods. Starting with the supervision of capital market and the theoretical development of capital market efficiency, this paper systematically summarizes the research achievements of foreign scholars, classifies the supervision theory into two categories: demand theory and effect theory, classifies the efficiency of capital market into information efficiency. Distribution efficiency and operational efficiency, and focus on the information efficiency of the core theory: efficient market hypothesis. Then, from the perspective of the relationship between capital market regulation and efficiency, the paper analyzes the influence of supervision on market efficiency from the perspective of necessity, positive effect and negative effect, empirical analysis, based on the efficiency of China's capital market, the use of random walk model. Taking the Shanghai Stock Exchange Index as a sample, this paper tests the influence of China's supervision on the efficiency of capital market information, and draws a conclusion that the supervision of capital market in China is helpful to reveal the efficiency of capital market. Finally, based on the efficiency of the capital market, the countermeasures and suggestions to improve the supervision of the capital market in China are given.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.1

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