摘要
中国股市是否弱式有效一直是争论的热门话题 ,它具有很重要的理论价值和实践意义。支持者通过实证研究占据上风和主流地位 ;质疑者多停留在经济判断上 ,未能进行深入的理论探讨 ,因而缺乏说服力。本文试图从理论上澄清几个基本概念 ,重新正确理解弱式有效 ,并采用一个新的方法进行实证研究 ,结果表明中国股市不是弱式有效。
There has been much discussion on efficiency of China's stock markets.The field is dominated by conclusion via empirical research,i.e.China's stock markets are weak efficient.How to support or weakent it?The problems concerning the Efficient Market Hypothesis are discussed.Also,a new tool,Generalized Spectral Analysis,is adopted.The results obtained here cast some new sight on this topic.The China's stock markets are not weak efficient.
出处
《金融研究》
CSSCI
北大核心
2001年第3期34-40,共7页
Journal of Financial Research
