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股票市场的首要功能就是进行资源配置。股市的资源配置效率的高低既体现在股票发行市场上,也体现在股票流通市场上。本文分别对我国股票市场发行市场和流通市场的资源配置效率进行了实证分析。结果表明,从股票发行融资的地区结构来看,各地区企业发行融资额存在着很大的差距,呈现出明显的东部高、中西低的情况。从股票发行市场融资的行业结构来看,股票发行融资明显倾向于国有企业,在一定程度上限制了哪些发展前景好、经营效率高的民营企业上市融资。从上市公司与非上市公司的经营效率来看,上市公司的经营效率出于本行业中的较低水平,我国股市并没有把资源配置给最优秀的公司。在股票流通市场上,虽然发挥了一定的资源配置效应,但效率仍不高。尤其是在股市暴涨暴跌的过程中,股票价格的变动主要受投机因素影响,资源配置效率更加难以发挥出来。
The primary function of the stock market is to allocate resources. The level of resource allocation efficiency of the stock market is reflected not only in the stock market but also in the stock market. This paper empirically analyzes the efficiency of resource allocation in China’s stock market and circulation market respectively. The results show that from the perspective of the regional structure of the stock issuance and financing, there is a big gap between the amount of financing issued by enterprises in all regions, showing a clear case of high east and low middle and western regions. From the perspective of the industrial structure of the stock issuance market financing, the stock issuance and financing obviously tended to state-owned enterprises, to a certain extent, which restricted the development and financing of private enterprises with good development prospects and high operating efficiency. From the operating efficiency of listed companies and non-listed companies, the operating efficiency of listed companies out of the industry’s low level, the stock market in our country did not allocate resources to the best companies. In the stock market, although it has played a certain resource allocation effect, its efficiency is still not high. Especially in the process of stock market ups and downs, the changes in stock prices are mainly affected by speculative factors, making the allocation of resources more difficult to play out.