摘要
证券市场的外在效率即有效性是指证券市场的价格反映资产价值的效率。本文对上海股票市场的有效性进行了实证分析,结论为:1996年以前,上海股市处于一种无效市场状态;1996年以后,上海股市正向弱式有效市场过渡,但上海股市与强有效市场相距甚远。
The efficiency of a security market is referred to the pricing efficiency that reflects the asset value in the security market. Through a test analysis of the efficiency of Shanghai stock market, the conclusion is drawn that the Shanghai stock market was non-efficient before 1996, but since 1997 it has been in a period of transition towards weak-form efficiency, far from strong form as yet.
出处
《华东师范大学学报（哲学社会科学版）》
CSSCI
北大核心
2001年第6期96-102,共7页
Journal of East China Normal University（Humanities and Social Sciences）
