【摘要】 股市信息噪声是指在信息不对称情况下，导致股票均衡价格与其内在价值偏离的非理性信息。根据其来源不同可分为政策信息噪声、基础信息噪声和二手信息噪声三大类。在一个较长的时期内，如果噪声导致的股票价格对价值偏离度的均值能趋于零，该股市是有效率的；反之，则是低效率的，其影响具有扩散性和破坏性。更多还原

【Abstract】 The securities noise is not a rational information which makes the equilibrium price of stock drift off its internal price under the environment of information unsymmetry. According to its source,it can be divided into three categories: policy information noise,basic information noise and the second hand information noise.In a long period,the deviation ratio of stock price tends to zero,the market is efficient.Otherwise, it is not .The securities information noise has the spreaded and destroied quality.更多还原