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基于RESSET数据库2004-2014年上市公司日收益数据,结合滚动窗口评价法和香农熵法,本文测算了林产加工、家具及木地板、造纸三个涉林行业的市场信息效率并与农产种植、农产加工两类涉农行业进行横向对比。研究发现,林产品市场的信息效率高于平均水平但弱于农产品市场,同时还发现与第一产业联系较紧密的行业信息效率水平较高,与第二产业联系较紧密的行业信息效率水平较低。根据结论,从企业、行业层面提出了提高市场信息效率、保障行业正常生产与持续盈利的政策建议。
Based on RESSET database daily earnings data of listed companies from 2004 to 2014, combined with rolling window evaluation method and Shannon entropy method, this paper estimates the market information efficiency of three forest-related industries including forest products processing, furniture, wood flooring and papermaking, Two types of agricultural processing agriculture-related horizontal comparison. The study found that the information efficiency of forest products market is higher than the average but weaker than the market of agricultural products. At the same time, it is also found that the industry with more close links with the primary industry has a higher level of information efficiency and the information efficiency of the industry with more close links with the secondary industry low. According to the conclusion, this paper puts forward policy suggestions on improving the efficiency of market information, guaranteeing the normal production and sustainable profit of the industry from the perspective of enterprises and industries.