【摘要】 20世纪 6 0年代末问世的有效市场假设 (EMH)理论是现代金融理论的基础 ,在开始形成的 10年中 ,获得了巨大的成功。但随着Grossman和Stiglitz对有效市场假设的逻辑基础提出了令人信服的质疑后 ,人们发现其假设条件与现实有很大的差距。长期以来 ,学者们一直在努力地解释和解决这一矛盾 ,不断对其假设条件进行修正与补充 ,特别是在当今的信息成本化及“有限理性”人等理论的前提下 ,市场中的投机套利成本、收益 ,以及市场的短期长期效率等问题的分析就会更加接近实际 ,试图从不同的角度对有效市场进行更加完善的解释 ,使之更加有利于为现实服务。更多还原

【Abstract】 EMH is the base of modern finance theory;it has made great success in the past 10 years since its formation. But after Grossman and Stiglitz advising some convincible oppugnation on EMH′ logical bases,people found that there were great distance between the hypothesis and real situation. For a long time,people are still trying to explain and resolve this inconsistency. Especially nowadays with the development of some new theories,such as information cost, limited rational person,the analyses of some problems about EMH is becoming more closed to reality,these problems include the cost and profit of arbitrage,short term and long term market efficiency and so on. We attempt to give more perfect explanations from different aspect in order to provide better service to practical securities market.更多还原