本文认为 ,对于一种在市场经济条件下运行的经济来说 ,股票市场在社会经济活动中的价值主要不是反映在它本身的运行效率上 ,而是反映在它所独有的功能效率上 ;并且 ,在一个激励有效、机构投资者与公司经理都愿意提供有效信息的股票市场中 ,资金将会流向预期收入最高的部门 ,从而对股东收益、经理收入与经济增长都会产生正的效应。文章最后还对如何构建更为有效的中国资本市场提出了独到的见解。 This paper argues that for a economy operating in a market economy, the value of the stock market in socioeconomic activities is not mainly reflected in its own operating efficiency, but rather in its unique functional efficiency; And in a stock market that is both motivated and effective, both institutional investors and company managers are willing to provide valid information, funds flow to the sectors with the highest expected earnings, which will have a positive effect on shareholder returns, manager’s income and economic growth. Finally, the article also gives a unique view on how to build a more effective Chinese capital market.