上海证券市场有效性实证研究

Empirical research on the effectiveness of Shanghai stock market

随着我国证券市场的蓬勃发展,越来越多的投资者参与到了股票市场中。一个有效的股票市场对于加速资本流通、实现资本在整个经济中的有效配置具有重大意义。有效市场理论是现代金融理论的基础,非常多的金融经济学理论都建立在有效市场假说前提下。将这一传统的股票价格分析理论应用于我国证券市场是十分必要的,并且运用游程检验来验证我国上海证券市场的有效性,对中小投资者以及证券监管部门具有重要的参考意义。

With the vigorous development of China＇s securities market,there are more and more investors joining the stock market.An efficient stock market is of great significance to accelerate the capital circulation and to realize the effective allocation of capital in the whole economy.Effective market theory is the foundation of modern financial theory,and a lot of financial economics theories are established under the premise of efficient market hypothesis.It is very necessary to apply this traditional stock price analysis theory to the stock market of our country.And using the runs test to verify the effectiveness of China＇s Shanghai stock market of medium has important reference significance to small investors and securities supervision department.