上海股票市场半强式有效性实证分析

摘要

Efficiency of stock Market refers to one that the price of stocks in market responses to the new information. It indicates the mature degree of stock market. Effective market can be divided into weak-form market,semistrong-form market and strong-form market. By positively researching on 30 companies on Shanghai stock market,the authors concludes that Shanghai stock market is not semistrong-form efficiency at present.%股票市场的效率性指的是股票市场中股票价格对新信息的反应效率，它是股票市场成熟程度的表现。有效率的市场分为弱式有效市场、半强式有效市场和强式有效市场。通过对上海股市的30家上市公司进行实证研究，得出的结论是：目前上海股票市场非半强式有效。