股票市场发展与国家资源配置效率:基于股市信息效率视角的研究

中国股票市场发展已经经历20年的历程,很多方面都取得了巨大的发展成就,然而对于股票市场发展对中国经济增长是否产生了显著的正向促进作用,现有研究文献并没有达到一致结论.文章基于股价波动非同步性测度方法,从股票市场信息效率这一新的视角入手,实证检验股票市场发展与国家资源配置效率的因果影响关系,为这一领域研究提供了新的实证证据.实证结果表明:中国股票市场信息效率与国家资源配置效率显著正相关,且这种正相关关系在效益上升行业与下降行业没有显著差别,即高信息效率股票市场能引导社会在高资本回报率的行业内继续追加投资,在低资本回报率的行业内及时削减资本投入,从而提高资源配置效率.因此中国股票市场发展具有较好的经济效应,它对经济增长产生了显著正向促进作用.

Stock Market Development and National Resource Allocation Efficiency: Research based on the Stock Market Information Efficiency

With the development history for about 20 years,Chinese stock market has made enormous achievements in many aspects,but until now the existing literature has not reached the same conclusion about whether the stock market has generated a significantly positive role in promoting China’s economic growth.From a new angel of stock market information efficiency,the paper tests the causal relationship between stock market development and national capital allocation efficiency with an empirical study based on the measurement method of stock price non-synchronicity,providing new empirical evidence for this field.The empirical results indicate: Chinese stock market information efficiency and national resource allocation efficiency are significantly correlated,and there are no significant differences for this positive correlation between return increase industry and return decline industry.Namely it means that high information efficiency stock market can lead the society to continue to invest in the high capital return industry and timely reduce capital investment in the low return industry,which then improves the efficiency of resource allocation.Consequently,the development of Chinese stock market has a good economic effect,which generating a significantly positive role in promoting China’s economic growth.