Empirical Study On Resource Allocation Efficiency Of Stock Market And Macro Economy In China

The stock market is the core of the financial industry, it offer us a place to issuance and trade stocks, and the most important function of stock market is allocation of resources. With the development of economy in China, more and more people take notice of the stock market. But the stock market started late in China, the important of efficiency of resource allocation of stock market can’t be fully realized by people.According to the development of stock market in China, paper will do some research on resource allocation efficiency of Chinese stock market, and study the relationship between resource allocation efficiency of stock marker and macro economy in China.Paper is mainly divided into there parts.The first part introduce the background of stock market of China and the importance of resource allocation of stock market, then review the economic growth theory and the theory of financial efficiency both domestic and international, then tell the research ideas of the paper.The second part includes factor analysis and VAR model. Listed companies which play an important role in the allocation of resources of stock market, paper chose9financial indexes of listed companies after IPO to show the resource allocation efficiency of stock market, and use the method of factor analysis to study the financial indexes, then judge of resources allocation efficiency of Chinese stock market. Paper use VAR model to study the relationship between resources allocation efficiency of Chinese stock market and variable of macro economy.The last part sum up the conclusions of the above empirical study, and give some suggestions. According to the empirical results, we can find that the resource allocation efficiency of Chinese stock market is relatively low, the development of stock market can’t match the macro economy. China must do more to raise the efficiency of resource allocation of stock marker, accelerate the reform of the system of IPO, adjust the economic structure at the some time.