【摘要】 有效市场假说(EM H)的核心思想是,证券市场的价格在任何时点上都是证券内在价值的最佳评估。只要有足够数量的投资人能够方便地得到所有可得信息,市场就可以是有效的。对市场微观方面,即交易效率的研究,已经溶入市场效率理论体系。本文把宏观的功能效率,也纳入市场效率理论体系,从而将市场的效率分为三个方面:交易效率(微观的研究)、定价效率(法玛的 EM H)、功能效率(宏观的研究)。更多还原

【Abstract】 The core of Efficient Market Hypothesis (EMH) is that the price on any time point in the securities market is the best evaluation of the intrinsic value of securities. Provided that there are sufficient investors that are ready to acquire freely all the information available, the market can be efficient. Research on the microcosmic market i.e. transaction efficiency has been taken into the system of the market efficiency theory. This paper proposes that macrocosmic function efficiency should be also taken into the system of the market efficiency theory. Accordingly, market efficiency is divided into three aspects: transaction efficiency (micro-study), price-fixing efficiency (EMH) and function efficiency (macro-study).更多还原