The Regional Equity Trading Market Efficiency Research Based On Securities Market Function-TJSOC

With the further development of our economy,more and more perfect capital market system is needed to provide the circulation of capital.Our country's current capital market system mainly includes main board,gem,small board,new board and many regional market,but our country's capital market structure presents inverted pyramid,the market of many small and medium-sized enterprises is relatively weak.in recent years,the country that issuing policy system and providing a variety of preferential policy vigorously develops the over-the-counter market and it promotes the improvement of the capital market system.the Regional equity market provides a steady stream of listed enterprise resources for the main board market,it is very important to study the efficiency of the Regional equity market market in the market function.Based on the perspective of the basic function of securities market,this paper mainly studies the financing function,the investment function,the transaction function and the overall evaluation of capital allocation efficiency in China's Regional equity market market.First of all,the relevant literature on the Regional equity market market efficiency is summarized and analyzed to clarify the location,function and research efficiency of the Regional equity market market in China.Then we introduce the basic theory of efficiency,including the Pareto efficiency and efficient market hypothesis,and the basic method to measure market efficiency,we do theoretical groundwork.for the case analysis.Next,combined with the current development of the Regional equity market market,we explain the characteristics of the Regional equity market market and the existing problems through the domestic and foreign market.Then we introduce the TJS and there is a brief introduction of the development and characteristics of TJS,we test the different market functions using different methods through the data analysis,Specifically including: determining the efficiency of financing through the DEA model,determining the investment efficiency through the price-earnings ratio and deposit interest rate method,determining the transaction efficiency through the comparative analysis of factors,and finally we use the run test and auto-correlation test to measure the effectiveness of the Regional equity market market overall.Through the analysis of the market efficiency of TJS regional equity market,the research shows that:(1)the financing efficiency of Chinese enterprises is poor in the market,and the number of enterprises in the market is less than 4 %.(2)the investment efficiency is low,and the fluctuation is large,the maximum fluctuation is more than 100 %.(3)the transaction efficiency is far from the National Equities Exchange and Quotations(4)overall,the TJS market is not in an effective state.Therefore,in order to promote the efficiency of the Regional equity market market in China,the implementation of appropriate measures includes:(1)making laws,and creating a fair competition market atmosphere;(2)innovating means of financing;(3)guiding the way of trading;(4)establishment of information and disclosing regulatory mechanisms.