股价信息含量测度方法、决定因素及经济后果研究综述

Literature Review on the Measurement Methods, Determinants and Economic Consequences of Stock Price Informativeness

股价信息含量是衡量一个国家证券市场运行效率的重要标志,因此这一重要的证券市场研究课题目前受到了越来越多的重视。本文对相关文献进行了回顾,系统的评述了股价信息含量的研究成果,包括股价信息含量的测度方法,股价信息含量的宏观及微观层面决定因素和股价信息含量的经济后果,并指出了股价信息含量的研究不足及未来的主要研究方向。

Stock price informativeness is an important indicator in measuring a country＇s securities market operating efficiency, and this important securities market research topic attracts more and more scholars to study it. The paper reviews relevant literature, and systematically comments on the latest research results about it, including the measurement methods, macro and micro level determinants and economic consequences of stock price informativeness. Finally the paper points out current research limitations and future research directions.