上海股票市场有效性实证研究

A Real Case Study on Market Effectiveness in Shanghai Stock Market

证券市场,尤其是股票市场是否有效率及其效率的高低,对其充分发挥资源优化配置的功能至关重要。本文在国内外已有的研究成果的基础上,对我国上海股票市场的有效性做了一次较为系统的实证研究,结果表明我国上海股票市场已达到弱型效率,但还不具有半强型效率。而我国资本市场要长期、健康地发展,必须提高其效率,论文针对这种状态提出了解决问题的几点建议。

The efficiency of a securities market,especially a stock market,is of vital importance to optimize its resources allocation to full -play.On the basis of existed research resu lts,this paper demonstrates a relatively systematic real case study on the effectiveness of Shanghai Stock Market,which shows that the present Shangh ai Stock Market is in the state of weak -t ype efficiency.The author presents some suggestions on improving the ef-ficiency of the capital market in Chi na.