财务会计理论(SCCOT)第四章有效证券市场.pptxVIP

Financial Accounting Theory Chapter 4：Efficient Securities Marketspankq2005@126.com信息不对称/内部交易、逆向选择充分披露CAPM模型有效性的含义财务报告含义本章的结构本章的目的1、证券市场是半强势有效的！证券市场上每一种证券价格反映了已经公开的所有信息此时，证券价格就是内在价值吗？否！除非没有内部信息！2、财务会计的用武之地充分披露，让证券价格接近内在价值，增强市场配置资源的效率！3、财务会计面临挑战其他信息渠道 Definition of Efficient Markets An efficient capital market is a market that is efficient in processing information.We are talking about an “informationally efficient” market, as opposed to a “transactionally efficient” market. In other words, we mean that the market quickly and correctly adjusts to new information.In an informationally efficie