| 股价信息含量与资本配置效率的改善 |
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| 引用本文： | 杨继伟,刘冬荣. 股价信息含量与资本配置效率的改善[J]. 山西财经大学学报, 2011, 0(2): 84-91 |
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| 作者姓名： | 杨继伟 刘冬荣 |
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| 作者单位： | 中南大学商学院; |
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| 摘 要： | 已有的研究成果证明股价信息含量的提高可以改善资本的配置效率,但这一结论在我国证券市场是否成立有待实证检验.本文以2001～2008年在沪深证券交易所上市的公司为研究对象,从行业层面实证考察了股价信息含量与资本配置效率之间的因果关系,得到的研究结论是:随着股价信息含量的提高,资本更快地实现了从低效率领域向高效率领域的转移...
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| 关 键 词： | 股价信息含量 资本配置效率 信息效率 |
Stock Price Informativeness and Improvement of Capital Allocation Efficiency |
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| YANG Ji-wei,LIU Dong-rong. Stock Price Informativeness and Improvement of Capital Allocation Efficiency[J]. Journal of Shanxi Finance and Economics University, 2011, 0(2): 84-91 |
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| Authors: | YANG Ji-wei LIU Dong-rong |
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| Affiliation: | YANG Ji-wei,LIU Dong-rong(Business School,Central South University,Changsha 410083,China) |
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| Abstract: | Research results have proved that the improvement of information content of stock prices can improve the efficiency of capital allocation,but this conclusion in the Chinese stock market still need to be empirical testing.Based on the data of China's listed companies between 2001 and 2008,this paper examines the causal relationship between stock price informativeness and efficiency of capital Allocation from industry level.Empirical results show that,along with the increasing of stock price informativeness,c... |
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| Keywords: | stock price informativeness efficiency of capitial allocation information efficiency |
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