This paper measured the resource allocation efficiency of each tier within China's multi-tiered capital market and explored its influencing factors.The findings revealed that:(1)prior to the financial crisis,the level of price efficiency in the SME Board generally fluctuated around that of the main board and gradually converged.In the initial stage of its establishment,the price efficiency of the GEM was lower than that of both the main board and SME board,but subsequently,the GEM's forecasting price efficiency(FPE)surpassed the other two boards.(2)The decline in resource allocation efficiency of the main board was primarily concentrated in the early stages of the establishment of the SME board and GEM.(3)Before the establishment of the GEM,the FPE of the main board was lower than that of the SME board,but afterward,they tended to align.The FPE of the GEM exceeded both the main board and SME board,while the revelatory price efficiency(RPE)showed minimal hierarchical differences.The GEM demonstrated the highest resource allocation efficiency,followed by the SME board,with the main board being the lowest.(4)Certain equity structure characteristics had an impact on the resource allocation efficiency across different tiers.
关键词
多层次资本市场/资源配置效率/价格有效性/股权结构/双重上市
Key words
multi-tiered capital market/resource allocation efficiency/price effectiveness/ownership structure/dual listing
万方数据