制度建设与股票市场渐进性有效——基于法和金融理论的实证分析

Abstract

传统的有效市场假说研究着重于股票价格行为的计量分析,但潜在地忽略了制度因素尤其是法律、法规等对股价行为与信息效率的影响,同时忽略了资本市场有效性可能是一个渐进的过程。为此,本文应用法金融理论检验中国法律制度的完善对股果市场效率的作用。研究结果表明:整体而言,随着我国法律制度的不断完善,中国的股票市场也逐渐呈现出更为有效的状态,但个别法规会对市场效率的发挥产生消极作用。

The traditional research on Efficiency Market Hypothesis emphasizes econometric analysis of stock price behavior, but neglects the influence of institutional factors on information efficiency, especially that of law and regulations. Meanwhile, it does not realize the efficiency is an evolutionary process. This article, based on the law and finance theories, examines the relationship between law evolution and the stock market efficiency in China. The results indicate that China's stock market become more efficient as more laws be effective, but a few regulations can bring negative effect on market efficiency.