中文摘要：

价格发现是股票市场的基本功能之一。运用均值回归理论，采用2004年1月至2012年12月月度数据，通过STAR模型对上证50指数的价格发现功能进行了检验，实证检验结果表明：上证50指数在样本区间内呈显著的趋势性特征而非均值回归特征，上证50指数价格发现功能仍然缺失，中国股票市场价格发现功能还没有很好地发挥出来。在此基础上，提出了加快IPO定价市场化以及实行上市与发行相分离等对策。

英文摘要：

Price discovery is a basic function of stock market. By adopting the mean reversion theory and STAR model, this study, based on the monthly data from January 2004 to December 2012, carries an empirical research to explore the price discovery function of the most representative SSE 50 Index. The results show that SSE 50 Index takes on a significant trend in the sample interval rather than the feature of mean reversion, and it lacks the basic function of price discovery. Thus, it can be concluded that the price discovery function of China＇s stock market does not operate well. Finally, the paper puts forward some countermeasures such as accelerating IPO market-oriented pricing and separating listing from issuing.