从有效市场假设看我国证券市场的信息披露制度

Efficient Market Hypothesis and Information Disclosure System in China's Security Market

本文通过有效市场假设和系统性风险两个角度对中国证券市场的信息不对称状况作了实证分析，结论是中国证券市场的信息披露制度还存在很多问题。在中国即将加入WTO的背景下，证券市场面临更进一步的开放，提高市场透明度以符合国际惯例，建立规范、公正的信息披露制度和市场环境就显得更为迫切，最后本文提出了一些对策。

From the perspective of efficient market hypothesis and systematic risk, this article examines the current information asymmetry in China's security market. Against the background of China's entrance into WTO, it is imperative to further open security market, enhance transparency and build a r egular and fair information disclosure system and market environment. Taking thi s concern into consideration, this article suggests some corresponding measu res.