西方金融市场效率理论发展述评

A Review of Theoretical Development in Financial Market Efficiency

金融市场效率是现代金融学的理论核心 ,也是学术界长期以来关注的一个重要问题。本文从六个方面对西方有关金融市场效率的研究成果进行了概述 :金融市场效率的内涵、基本价值分析的观点、非对称信息和交易费用与金融市场效率、行为金融学与主流金融学的分歧、分形市场假设与混沌理论的应用。

Financial market efficiency is the center of modern finance, and has been considered by academic circle for a long time. This paper discusses and evaluates the research findings and research designs employed in financial market efficiency. It deals with six subjects including the meaning of financial market efficiency; fundamental analysis; asymmetric information, transaction costs and financial market efficiency; difference between modern finance and behavioral finance; fractal market hypothesis and Chaos theory; dynamic financial market efficiency.