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The Analysis of Capital Allocation Efficiency in Chinese Capital Market

Author: ZhangWanXia
Tutor: ZhangXinDong
School: Shanxi University
Course: Management Science and Engineering
Keywords: Capital market Allocation efficiency of capital market Tangible economy Fictitious economy
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 28
Quote: 0
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Abstract


In today’s highly developed market economy condition, the capital market is the main component of modern financial markets. Its function in accordance with the development of capital market logic can be defined as financing, property intermediary and resource allocation. And of those, resource allocation function is the core, in actually, allocation function refers that the capital market through the flow of capital to explain the role of capital allocation. Capital market with its powerful evaluation, selection and supervision mechanism and the investment subject as rational investor always have clear profit motive that enables capital flows high-efficiency department, showing optimal allocation of resources. This paper around allocation function of capital market launches research.After the financial crisis of 2008, studying of the capital market allocation efficiency in this kind of background in China is very significant, and could fully explain that capital market play a major role in capital allocation. This paper, based on the model of Jeffery Wurgler’s capital allocation efficiency, from a new study angle, using fundamental and technical of companies to reflect a microcosm of the real economy and the virtual economy, and the relationship between the two regression models to study the capital market shows the efficiency of capital allocation. By studying the efficiency of capital allocation of stock market from 2001 to 2009 concludes that efficiency of capital allocation in China is relatively low, and presenting a "wavy" unstable situation. In order to ensure the accuracy of the results, considering company fundamentals influencing factors are not short-term, this paper, further studied the distribution lag regression model of capital allocation efficiency. The conclusion of capital allocation efficiency is still relatively low. On the one hand, the result not fully demonstrates that capital market plays its capital allocation function, on the other hand, reflects tangible economy and fictitious economy lack of coordination. That is tangible economy does not provide a solid basis to fictitious economy, while fictitious economy does not promote the development of tangible economy.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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