发行制度对证券一级市场效率的影响分析  

Impacts of Different Offering Systems on Primary Market's Efficiency

作　　者：李军坡[1] 杜俊涛[2] 白彦壮[3] 

机构地区：[1]天津大学管理学院,天津300072 [2]广发证券博士后工作站,广东广州510075 [3]中山大学博士后流动站,广东广州510275

出　　处：《工业工程》2006年第1期56-61,共6页Industrial Engineering Journal

摘　　要：从概念上对市场有效性与市场效率进行区分之后,以发行价中会计信息含量和发行费率为标准,实证分析了我国证券一级市场效率在不同发行制度下的变化情况。结果表明,我国证券一级市场效率在短暂的核准制阶段达到最高,这意味着行政干预会导致市场效率的降低。After distinguishing between efficient market and market efficiency, this paper analyzes the efficiency of the primary market with different offering systems in China, based on the fiscal information in offering price and underwriting fees. It is concluded that the efficiency of the primary market reaches the top during the examination stage, which means that the administration interference decreases the efficiency.

关 键 词：一级市场 市场效率 市场有效性 

分 类 号：F830.91[经济管理—金融学]