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| An Analysis on Consistency of Resource Allocation and Risk Allocation in China’s Multi-Layer Capital Market |
| LI La- sheng1,LI Jia 3,ZHOU Meng 3,3 |
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Abstract The establishment of China's multi-layer capital market is not only the requirement of capital market’s reform and development, but also an important part of a perfect financial market system. Based on the relevant theoretical discussions and the related actual data of our Main Board Market、Small Plate Market and GEM, this paper makes empirical analysis of the efficiency of resource allocation、risk allocation and a matching analysis between them. The results show that: the establishment of GEM has obviously improved the efficiency of resource allocation of our Multi-layer capital market, but has little effect upon the efficiency of risk allocation; in addtion, there is a distinct mismatch between resource allocation and risk allocation.
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Received: 21 October 2010
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Corresponding Authors:
LI La- sheng
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2011, Vol. 1 
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