Abstract：With the development history for about 20 years, Chinese stock market has made enormous achievements in many aspects, but until now the existing literature has not reached the same conclusion about whether the stock market has generated a significantly positive role in promoting China’s economic growth. From a new angel of stock market information efficiency, the paper tests the causal relationship between stock market development and national capital allocation efficiency with an empirical study based on the measurement method of stock price non-synchronicity, providing new empirical evidence for this field. The empirical results indicate: Chinese stock market information efficiency and national resource allocation efficiency are significantly correlated, and there are no significant differences for this positive correlation between return increase industry and return decline industry. Namely it means that high information efficiency stock market can lead the society to continue to i
袁知柱;吴粒;鞠晓峰. 股票市场发展与国家资源配置效率：基于股市信息效率视角的研究[J]. , 2012, 1(2): 76-89.
YUAN Zhi zhu;WU Li;JU Xiao feng. Stock Market Development and National Resource Allocation Efficiency:From the Perspective of the Stock Market Information Efficiency. , 2012, 1(2): 76-89.
2012, Vol. 1 
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