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以我国证券市场1999年至2004年的上市公司作为研究样本,通过构建我国证券市场资源配置效率模型,从证券市场资源配置效率层面探讨了产权性质、产品市场的竞争程度对证券市场资源配置效率的影响。研究发现,我国证券市场资源配置效率存在行业差异,行业平均国有股比重与资源配置效率显著负相关,行业的产品市场竞争程度与资源配置效率显著正相关,行业平均国有股比重与行业产品市场竞争程度对资源配置的影响存在互补作用。
Taking the listed companies in China’s securities market from 1999 to 2004 as the research samples, the efficiency model of resource allocation in China’s securities market was constructed. From the aspect of resource allocation efficiency in securities market, the paper discussed the property rights, the degree of competition in the product market and the efficiency of resource allocation in the securities market influences. The study found that there are industry differences in the efficiency of resource allocation in China’s securities market. The average proportion of state-owned shares in the industry is significantly negatively correlated with the efficiency of resource allocation. The degree of market competition in the industry is positively and significantly related to the resource allocation efficiency. The average share of state- The impact of resource allocation is complementary.