股价信息、价格运动特征与资源配置效率

行为金融学的研究表明,股价不仅受到公司基本价值有关信息的影响,而且还受到市场公共信息的影响。通过研究股票价格运动特征可以有效地判断股价所包含的信息特征,解释股票市场的资源配置效率状况以及市场发育程度。现阶段我国股价还不能传递足够多的企业特定信息,引导资源配置的信号功能较弱,这一结论和对资源配置效率的实证结果相吻合,即股市对金融资源的低效配置问题还相当突出。

Stock Price Information, Character of Price Movement and Capital Allocation Efficiency

Behavior finance researches show that stock price is influenced not only by corporate intrinsic value information,but also by market common information.Study on the character of share price movement can effectively estimate information character of share price,make clear the status of stock market's capital allocation efficiency and the extent of market development.This paper analyses the information character of stock price through empirical research on the movement character of stock price,empirically tests financial capital allocation efficiency in Chinese stock market.We find that present stock market does not transfer enough corporate special information and has weak signal function of inducting capital allocation.The conclusion consistent with empirical results on capital allocation efficiency,namely Chinese stock market has low efficiency in financial capital allocation.