CAJ | 학술논문

从概念上对市场有效性与市场效率进行区分之后，以发行价中会计信息含量和发行费率为标准，实证分析了我国证券一级市场效率在不同发行制度下的变化情况。结果表明，我国证券一级市场效率在短暂的核准制阶段达到最高，这意味着行政干预会导致市场效率的降低。
종개념상대시장유효성여시장효솔진행구분지후，이발행개중회계신식함량화발행비솔위표준，실증분석료아국증권일급시장효솔재불동발행제도하적변화정황。결과표명，아국증권일급시장효솔재단잠적핵준제계단체도최고，저의미착행정간예회도치시장효솔적강저。
After distinguishing between efficient market and market efficiency, this paper analyzes the efficiency of the primary market with different offering systems in China, based on the fiscal information in offering price and underwriting fees. It is concluded that the efficiency of the primary market reaches the top during the examination stage, which means that the administration interference decreases the efficiency.