| 中国证券市场监管效率的实证分析 |
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| 引用本文： | 邹辉文,黄明星.中国证券市场监管效率的实证分析[J].福州大学学报,2010,24(2):32-38. |
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| 作者姓名： | 邹辉文 黄明星 |
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| 作者单位： | 福州大学管理学院,福建省福州350108 |
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| 基金项目： | 福建省社会科学规划项目(2007B065);;教育部人文社会科学规划基金项目(07JA790096) |
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| 摘 要： | 证券市场监管究竟是有效的还是无效的，在理论上存在着长期的争论，在目前，证券市场监管的有效性只能通过实证的方法来加以甄别。使用Hufst指数法检验中国证券市场的信息有效性，以此说明证券市场监管的现实目标的实现程度；运用非平稳变量的协整分析方法检验中国证券市场发展与经济增长的关系来说明资源配置效率，并以此表明证券市场监管的最终目标的实现程度。结果表明，我国证券市场是非信息有效的，证券市场对经济增长的作用不是很大，这说明我国证券市场监管的总体效率不高。
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| 关 键 词： | 证券市场 监管效率 Hurst指数 协整分析 |
An Empirical Study of the Efficiency of China Securities Market Supervision |
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| ZHOU Hui-wen,HUANG Ming-xing.An Empirical Study of the Efficiency of China Securities Market Supervision[J].Journal of Fuzhou University(Philosophy and Social Sciences),2010,24(2):32-38. |
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| Authors: | ZHOU Hui-wen HUANG Ming-xing |
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| Institution: | School of Management;Fuzhou University;Fuzhou;Fujian Province;350108 |
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| Abstract: | The efficiency of securities market supervision has long been a dispute in theory.In the current circumstance,the validity of securities market supervision can only be studied by empirical methods.This article examines the information efficiency in China's securities markets by Hurst Index method to illustrate the accomplishment of supervision objectives in securities markets;probes into the relationship between China's securities market development and economic growth by means of co-integration analysis of... |
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| Keywords: | efficiency of supervision information efficiency Hurst Index co-integration analysis |
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