资本市场在现代经济发展中扮演着极其重要的角色。资本市场是否有效率,不仅关系到金融资源的配置效率,而且最终关系到一国经济发展的道路。本文结合有效率资本市场理论,主要从市场规模与形态、参与者、价格信号及信息、以及上市公司资金配置效率等方面,分析了中国资本市场的效率,并提出建立我国有效资本市场、提高直接金融效率的改进思路。 Capital markets play an extremely important role in the development of modern economy. Whether the capital market is efficient or not depends not only on the efficiency of the allocation of financial resources but also ultimately on the road to economic development in a country. Based on the theory of efficient capital market, this paper analyzes the efficiency of China's capital market from the aspects of market size and shape, participants, price signals and information, as well as the efficiency of capital allocation of listed companies. It also proposes to establish an effective capital market in China and improve direct Financial efficiency improvement ideas.