發(fā)布時(shí)間：2018-08-22 12:32

【摘要】：資本市場(chǎng)在一國(guó)的經(jīng)濟(jì)體系中扮演著重要的角色，然而市場(chǎng)失靈和資本市場(chǎng)效率低下常常使其不能正常發(fā)揮資源配置的功能，這嚴(yán)重影響了整個(gè)宏觀經(jīng)濟(jì)的發(fā)展，甚至?xí)䦟?dǎo)致金融危機(jī)。對(duì)資本市場(chǎng)進(jìn)行監(jiān)管是避免出現(xiàn)市場(chǎng)失靈，提高資本市場(chǎng)效率的有效方式。但是，在各國(guó)資本市場(chǎng)的監(jiān)管和效率關(guān)系的理論研究和實(shí)踐過(guò)程中發(fā)現(xiàn)，不適當(dāng)?shù)恼O(jiān)管不僅會(huì)阻礙資本市場(chǎng)效率的提高，而且會(huì)干擾資本市場(chǎng)的正常運(yùn)行，導(dǎo)致市場(chǎng)混亂。我國(guó)資本市場(chǎng)發(fā)展晚，發(fā)展階段低，雖然經(jīng)過(guò)了二十幾年的發(fā)展，但仍有很多地方不規(guī)范。我國(guó)過(guò)去的資本市場(chǎng)監(jiān)管行為是否對(duì)我國(guó)資本市場(chǎng)效率的提高有效以及如何改進(jìn)監(jiān)管來(lái)更好地促進(jìn)資本市場(chǎng)的發(fā)展是一個(gè)十分有研究?jī)r(jià)值的課題。 本文采用規(guī)范研究與實(shí)證研究相結(jié)合，歸納與演繹相結(jié)合的方法。首先從資本市場(chǎng)的監(jiān)管和資本市場(chǎng)效率的理論發(fā)展著手，系統(tǒng)地綜述了國(guó)外學(xué)者的研究成果，將監(jiān)管理論歸納為需求理論和效應(yīng)理論兩大類；將資本市場(chǎng)效率劃分為信息效率、分配效率與運(yùn)行效率，并重點(diǎn)闡述了信息效率的核心理論：有效市場(chǎng)假說(shuō)。然后從資本市場(chǎng)的監(jiān)管與效率關(guān)系入手，，理論方面從必要性、正面效應(yīng)和負(fù)面效應(yīng)分析了監(jiān)管對(duì)于市場(chǎng)效率的影響；實(shí)證方面，基于我國(guó)資本市場(chǎng)的效率，利用隨機(jī)游走模型，以上證指數(shù)為樣本，檢驗(yàn)了我國(guó)監(jiān)管對(duì)資本市場(chǎng)信息效率的影響，得出了我國(guó)資本市場(chǎng)監(jiān)管有助于揭示資本市場(chǎng)效率的結(jié)論。最后，基于資本市場(chǎng)效率給出了改善我國(guó)資本市場(chǎng)監(jiān)管的對(duì)策建議。
[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.
【學(xué)位授予單位】：集美大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F832.1

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