基于会计信息的证券投资策略研究:分析及展望

本文首先分析了有效资本市场理论的悖论及行为金融学对其的挑战,其中着重探讨了套利成本和套利局限性对证券价格形成的影响。然后阐述了基于会计信息进行证券投资策略研究的问题。本文认为,这方面的会计学研究能够对提高我国证券市场的效率起到至关重要的作用。

Accounting-based Securities Trading Strategy Design: Analysis and Prospect

This paper analyzes the intrinsic dilemma in the Efficient Market Hypothesis,and the challenge posed by behavioral finance literature,with an emphasis on the role of costs of arbitrage and limits of arbitrage in the pricing of securities.This paper further proposes a research agenda based on accounting information,and argue that accounting research can play a vital role in improving the efficiency of China's securities markets.