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有效配置资金是股票市场的重要职能之一。当前我国股票市场资金配置效率较低,主要表现在市场资金配置不一定流向经营业绩较好的公司,而一些业绩不佳的企业可以通过多种途径从市场获得大量融资。该文认为,资金配置低效的原因在于价格机制存在问题,企业股价与内在价值的分离导致资金错配。而价格机制问题产生的根源在于股票一级市场与二级市场都是由噪声交易主导。进一步分析表明,一级和二级市场中的信息透明度不够、二级市场中个人投资者占比过高、一级市场投资者噪声交易化以及监管工作的缺陷等导致市场被噪声交易者主导进而价格机制缺乏效率。最后从交易费用、中介机构工作机制以及监管措施等三个角度提出了政策建议。
Effective allocation of funds is one of the important functions of the stock market. At present, the efficiency of fund allocation in the stock market in our country is relatively low, mainly because the market capital allocation does not necessarily flow to companies with better operating performance. Some enterprises with poor performance can obtain large amounts of financing from the market in various ways. The article believes that the reason for the inefficient allocation of funds lies in the price mechanism, and the separation of the stock price and the intrinsic value of the enterprise leads to the mismatch of funds. The root cause of the price mechanism is that the primary and secondary markets are dominated by noise trading. Further analysis showed that the market was dominated by noise traders due to the lack of information transparency in the primary and secondary markets, the high proportion of individual investors in the secondary market, the noise of investors in the primary market and the shortcomings in regulatory work. Price mechanism lacks efficiency. Finally, the paper puts forward the policy suggestion from three aspects: transaction costs, working mechanism of intermediary agencies and regulatory measures.