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在我国具有典型意义的资本市场主要由四部分构成:国债市场、股票市场、企业中长期债券市场及中长期放贷市场。在这其中,股票市场的发展程度最高、参与人数最多、资本规模最大。本文通过对股票市场资源配置效率的研究来替代对资本市场资源配置效率的研究,研究发现,我国的股票市场对资源的配置效率还比较低,无论是对增量资源的配置效率还是对存量资源的配置效率都还存在着很大的提升空间。
The typical capital market in our country consists of four parts: national debt market, stock market, mid-term corporate bond market and long-term lending market. Among them, the stock market has the highest degree of development, the largest number of participants and the largest capital. This paper studies the efficiency of resources allocation in the stock market to replace the research on the efficiency of resources allocation in the capital market. The study finds that the efficiency of the allocation of resources in China’s stock market is still relatively low, whether it is the allocation efficiency of incremental resources or the stock resources The configuration efficiency there is still much room for improvement.