我国A股市场资源配置效率分析  

Analysis of the Allocation Efficiency about the A-share Market of China

作　　者：左正强[1] 张永任[2] 

机构地区：[1]重庆三峡学院经济与管理学院,重庆万州404100 [2]西南财经大学中国金融研究中心,四川成都610074

出　　处：《山西财经大学学报》2011年第6期46-55,共10页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社科重点研究基地重大项目(2006JDXM198)

摘　　要：利用信息—噪声、股票市场—公司投融资决策分析框架,分三种情况讨论了我国A股市场的资源配置效率。我国A股市场作为一个整体而言,在Tobin-Q的意义上是缺乏效率的。通过对信息分组的实证分析发现,在我国A股市场上,即使股价中包含更多的关于公司未来前景的信息,这些公司在投融资决策中仍然没有体现出Tobin-Q意义上的资源配置效率。通过对噪声分组的实证分析发现,在我国A股市场上,存在公司决策层有意利用资本市场对于公司内在价值的估值偏离进行恶意圈钱和投资的现象。Using of information and the noise,the stock market and company analysis of the investment and financing decision-making framework,this article discusses Chinese share market resource allocation efficiency by three cases.As a whole,Chinese A share market is inefficient in the sense of the Tobin-Q.Through the empirical analysis for information packets,it can be found in the A share market： companies in the investment and financing decisions is still not reflect the sense of Tobin-Q efficiency of resource allocation,even though capitalized into the share price was more information about the company＇s future prospects.Through the empirical analysis of the noise group,it can be found in the A share market the company intends to use decision-making the intrinsic value of the capital market valuation of the company deviated from malicious misappropriating and investment phenomenon.

关 键 词：Tobin-Q 资源配置效率 信息含量 

分 类 号：F832.5[经济管理—金融学]