论超强有效市场

考虑到信息不对称、信息尤其是前瞻性信息的获得需要花费较高成本等因素,本文认为即使市场实现了强式有效,也不意味着经济效率就必然会实现.鉴于此,文中放松了有效市场理论的假设,考虑了前瞻性信息生产的不确定性,提出了超强有效市场的概念,并构造了一个超强有效均衡的模型.本文指出只有存在充分有效的激励和约束机制,使得投资者和经理都能努力生产关于公司潜在投资项目的前瞻性信息,并且经理会对股价传递的信息做出积极的反应时,股票市场才会真正在实现信息效率的同时充分发挥优化资源配置的功能.

Super-Strong Efficient Market

Considering such factors as information asymmetry and high cost of obtaining information, especially prospective information, we think that even strong form efficient market doesn't imply economic efficiency. Therefore, we relax the assumptions of EMH, consider the uncertainty of prospective information production, invent a super-strong notion of efficiency and make a model of super-strong efficiency equilibrium. We point out that only when there were effective incentives and restriction mechanism, which can induce both investors and managers to make an effort to produce information about potential project value and also induce manager to draw inferences from stock prices, could resources be allocated prospectively and the market be both informationally and economically efficient.