我国股票市场花了六年时间走过了西方发达国家上百年所走过的历程。截止到1997年8月底,已有上市公司700多家,登记在册股民3000多万。它在融资领域所发挥的作用日益显现。现在该是到了回顾过去,展望未来,制定长期发展战略的关键时刻了。对于我国股票有效性问题的研究也显得非常重要。 The stock market in our country took six years to go through the course of hundreds of years in the developed western countries. As of the end of August 1997, there were over 700 listed companies and over 30 million registered shareholders. Its role in financing has become increasingly apparent. Now it is time to review the past, look to the future and formulate a long-term development strategy. The research on the validity of stock in our country is also very important.