China Securities Market Validity Test

• 발행기관: 한국유통과학회
• 저자명: Xiaolan ZHANG Ruikai DUAN
• 간행물 정보: 『KODISA ICBE (International Conference on Business and Economics)』2018 International Conference on Business and Economics (ICBE 2018), 265~267쪽, 전체 3쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2018.06.25

영문 초록

Since the official operation of the Chinese stock market in December 1990, after continuous challenges and development, a good system scale has been initially formed. After the Asian financial turmoil in 1997 and the baptism of the US subprime mortgage crisis in 2008, the Chinese stock market has gradually moved toward Mature, constantly advancing in difficult twists and turns, its status in the national economy is also increasingly important. With the continuous rapid development of Chinese economy, Chinese stock market has been receiving the attention in the Asian stock market as well as in the world. The efficient markets hypothesis (EMH) has become an important core proposition of financial theory in recent decades. Objecting at the fast developing Chinese stock market, this research tests whether the market has reached the weak efficient. Based on the daily yields of Shanghai stock market and Shenzhen stock market from January 1th, 2005 to December 31st, 2015, this research studies the efficiency of each market and investigates. Adapting the serial correlation analysis and run test method, this research conducts an empirical analysis on the documents of yields. The results are as follows: In the weak and effective test of China s stock market, a comprehensive comparison of the Shanghai and Shenzhen markets believes that China s stock market has significantly achieved a weak and effective.

목차

1. Introduction

2. Literature Review

3. Research Methods and Materials

4. Results and Discussion

키워드

Effective Market Stock Market Weakly Effective Serial Correlation Analysis Run Test