摘要
有效市场理论 (简称EMH)是现代证券市场理论体系的支柱之一 ,也是现代金融经济学的理论基石之一。许多得到广泛应用的金融投资理论都建立在EMH基础之上。EMH保证了这些金融理论的适用性 ,因此对EMH的讨论是最广泛的。EMH在不断获得支持 ,同时也引起了各种争论。这些争论对EMH的理论基石提出了质疑 ,对经典金融学的基础产生了冲击 ,金融学界、经济学界面临着前所未有的挑战。本文对EMH作一综述 ,论述EMH近 30年来的发展变化及各种新兴市场理论对其的挑战 ,考察金融经济学的最新进展 ,对正确把握资本市场特性进行研究、决策、监管、投资活动提供借鉴。
The Theory of Efficient Markets(EMH) is one of the foundations of the current capital markets theory system, and of modern financial economics. Lots of financial investment theories widely used are based on that. Discussions on the EMH are substantial. The theory receives popular support yet is likely to be debated. The ongoing dialogue has given us many new insights into the principles underlying the EMH The anomalies to the EMH have been a great challenge to the classical financial economics. In this paper, the history of the EMH is reviewed; the development of the EMH and several new market theory as controversies formed in the past three decades are discussed; frontiers of financial economics are concerned for the reference of researching, policymaking, supervisiong and investing.
出处
《财经研究》
CSSCI
北大核心
2001年第8期27-34,共8页
Journal of Finance and Economics
基金
财政部"九五"规划科研项目
中国博士后科学基金 (中博基 2 0 0 0年第 31号 )项目资助
