我国股票市场有效性演进研究——以演化经济学的视角-research on the evolution of the efficiency of chinas stock market - from the perspective of evolutionary economics.docxVIP

万方数据 万方数据 ABSTRACT The main function of the stock market economy is redistributes the stock ownership of the economical entity. The ideals stock market is the optimal resources distribution in the stock market. In the ideals stock market, the stock prices should reflect the correct information of the resources distribution. A stock market in which stock prices always “fully reflect” all available information is called “efficient”. The stock market efficiency is the efficiency of stock prices “reflects” the available information of the stock market. According to Eugene F.Fama’s Efficient Market Hypothesis, according to the reflection degree to different stock prices information of the stock price, stock market is divided into weak form market, semi-strong market, strong form market. Research on the stock market efficiency not only affects the pricing of the stock, but also could provide reference for market participants, such as stock market investors could let the investors make the right investment decision to investing by the stock market efficiency, the company should make different corporate strategy by different stock market efficiency, regulatory sectors should come into the open and enact different policy to improving the efficiency of stock market, protecting the interest of investors, eliminating unfair competition by different stock market efficiency. Since Shanghai and Shenzhen stock exchanges established at 90 ages of 20th century, with the development and reform our stock market had got great advancement and begun to take shape over the past two decade. The stock market had gradually changed from chaos to order. But compared to western developed countries, the development process of Our stock market is very short, the stock market is still very young, immaturity, lacking of depth and breadth, and it is still new market and in a typical transition of the market. Our stock market as an emerging stock market, even though it had been rapid development over