Does the split share structure reform improve China´s a-share market efficiency?

Different from previous articles about the effect of the split share structure reform on China´s A-share market efficiency, we employ the variance ratio test and select logarithmic earnings of daily closing price of Shanghai A-share index and Shenzhen A-share index as the object of our paper. Empirical results show that although the efficiency of A-share market in China is always weak-form efficient, A-share market efficiency is more efficient after split share reform.