中国股票市场有效性研究的文献综述

近年对我国股市有效性研究结论有:没有达到弱式有效;已达到弱式有效但没有达到半强式有效;有效性不断提高;具有显著的市值效应、帐面市值比效应、市盈率效应和价格效应。结论不同可能由于研究方法不同,或采用数据样本不同,或研究角度不同。这造成结论之间不可辨真伪、不可对比性,使结论可靠性下降。但是综合考虑有关我国股票市场有效性文献的结论及我国股市现实状况,可以得出结论是我国股票市场有效性不断提高但没有达到弱式有效。

A literature Summarization on Efficient Capital Market in China

There are conclusions about efficient capital market in our country : not reach feeble efficient market,reached feeble efficient market but no reach mid-mighty efficient market,efficacy of capital market is enhancing and equity capital market clearly have market value effect,effect of the ratio of book value and market value,effect of the ratio of market value and earnings?price effect. The reason of disaccord of conclusions maybe be using different study ways or data's period,or angle of study. That also leads no distinction of right or wrong and un-comparability of the conclusions. And that declines the reliability of conclusion. But basing on the conclusions about efficient capital market in all through the ages and the capital market actuality, we can make a conclusion that efficient capital market is enhancing but capital market does not rank feeble efficient capital market in our country.