多层资本市场体系资源配置与风险配置的一致性分析

多层资本市场体系的建立既是我国资本市场改革与发展的需要,也是完善金融市场体系的重要内容。文章在对相关理论探讨的基础上,结合我国主板市场、中小板市场和创业板市场的相关实际数据,分别对我国多层资本市场体系的资源配置效率、风险配置效率以及两者的一致性进行了经验分析。分析结果表明:创业板的建立明显提升了我国证券市场的资源配置效率,但却对风险配置效率状况没有明显的影响,资源配置与风险配置仍然保持着相互割裂的状况。

An Analysis on Consistency of Resource Allocation and Risk Allocation in China's Multi-Layer Capital Market

The establishment of China’s multi-layer capital market is not only the requirement of capital market reform and development,but also an important part of a perfect financial market system.Based on the relevant theoretical discussions and the related actual data of our Main Board Market,Small Plate Market and GEM,this paper makes an empirical analysis on the efficiency of resource allocation,risk allocation and a matching analysis between them.Results show that the establishment of GEM has obviously improved the efficiency of resource allocation of our Multi-layer capital market,but has little effect on the efficiency of risk allocation;in addition,there is a distinct mismatch between resource allocation and risk allocation.