本文通过理论和经济学实验方法证明,市场机制本身不能保证资源配置效率,行为因素会对市场效率产生负面影响。如果高保留价格的买者和低成本的卖者根据市场行情确定最优报价的能力或意愿较其他交易者更弱,市场效率将会受损。中国市场中既有由于激励机制完善、在市场中锱铢必较的交易者,例如私营企业,又存在激励体制不健全、领导和员工均不愿为扩大企业利润工作的企业,例如一些改制不成功的国有企业。本研究表明中国市场效率可能因交易者行为因素受损。 This paper proves through theoretical and economic experiments that the market mechanism itself can not guarantee the efficiency of resource allocation and the behavioral factors will have a negative impact on market efficiency. Market efficiency will be impaired if both high-reserve-price buyers and low-cost sellers are less able or willing to determine the best offer based on market conditions than other traders. In the Chinese market, there are both traders with better incentives in the market, such as private enterprises, unsound incentive systems, and the reluctance of leaders and employees to work for the expansion of corporate profits. For example, some reforms were unsuccessful Of state-owned enterprises. This study shows that market efficiency in China may be impaired by traders’ behavioral factors.