An Evolutionaryanalysis Of Our Stock Market Efficiency

The main function of the stock market economy is redistributes the stock ownership of the economical entity. The ideals stock market is the optimal resources distribution in the stock market. In the ideals stock market, the stock prices should reflect the correct information of the resources distribution. A stock market in which stock prices always"fully reflect"all available information is called"efficient". The stock market efficiency is the efficiency of stock prices"reflects"the available information of the stock market. According to Eugene F.Fama's Efficient Market Hypothesis, according to the reflection degree to different stock prices information of the stock price, stock market is divided into weak form market, semi-strong market, strong form market. Research on the stock market efficiency not only affects the pricing of the stock, but also could provide reference for market participants, such as stock market investors could let the investors make the right investment decision to investing by the stock market efficiency, the company should make different corporate strategy by different stock market efficiency, regulatory sectors should come into the open and enact different policy to improving the efficiency of stock market, protecting the interest of investors, eliminating unfair competition by different stock market efficiency.Since Shanghai and Shenzhen stock exchanges established at 90 ages of 20th century, with the development and reform our stock market had got great advancement and begun to take shape over the past two decade. The stock market had gradually changed from chaos to order. But compared to western developed countries, the development process of Our stock market is very short, the stock market is still very young, immaturity, lacking of depth and breadth, and it is still new market and in a typical transition of the market. Our stock market as an emerging stock market, even though it had been rapid development over the two decades, which degree of the operating efficiency achieved to? Have the efficiency achieved to that Fama had given? Which the degree of efficiency has achieved to? Whether the degree of efficiency has increased? What the evolution mechanism of the stock market efficiency is? This problem is worthy of discussion, especially discuss the evolution mechanism of the stock market efficiency by the perspective analysis of evolutionary economics, it could provide constructive suggestions to enhance the stock market efficiency for further effective operation. By combining normative research and positive research, qualitative and quantitative analysis, the article analyses the evolution mechanism of our stock market efficiency by the perspective of evolutionary economics. First, according to the theory of evolutionary economics, the article analyses the process of institutional dynamic evolution to analyses the institutional structure, the subject of institutional evolution, the motivation of institutional evolution, institutional innovation and institutional selection, which treat organizational routine and organizational behavior as a core of institutional evolution, then analyses the evolution mechanism of our stock market by the perspective of the process of institutional dynamic evolution, the result shows that regulatory sectors as the subject of institutional evolution have always take institutional innovation behavior to improve the efficiency of our stock market. Second, this paper select daily price and weekly price of market close of 7 indexes and A shares that to be listed on Shanghai and Shenzhen stock exchanges as research object, we divided the interval from Since Shanghai and Shenzhen stock exchanges established to June 30,2010 into three stages, which divided by two time points of December 16,1996 and June 17,2005, then we use methods of ADF test and the Q statistic test to examine our stock market efficiency of the three stages, the result shows that the degree of stock market efficiency of the three stages were evolutionary on the weak formⅠ, that verified our stock market is dynamic evolution. Finally, as a result of the degree of efficiency of our stock market is still on the lower stock market efficiency, we put forward constructive suggestions to enhance the stock market efficiency for further effective operation.