证券市场效率一直是证券市场发展中的核心问题,也是长期以来学术研究中的一个极具吸引力且富有争议的热点。研究证券市场的效率性必然涉及有效市场假说。有效市场假说包含证券价格的信息有效性和证券的配置有效性两个含义。证券配置有效性指证券配置是否达到帕累托最优,而证券价格的信息有效性是指证券价格是否完全反映了可利用的信息。无疑,如何准确地理解和认识有效市场假说,是正确地把握和运用信息进行投资决策的重要前提。 The efficiency of the securities market has always been the core issue in the development of the securities market, and it has also become a very attractive and controversial hot point in academic research for a long time. Studying the efficiency of the securities market inevitably involves the efficient market hypothesis. The effective market hypothesis contains the two meanings of the validity of the information of securities price and the validity of securities. The validity of securities allocation refers to whether the security configuration reaches the Pareto optimality, and the information validity of the security prices means whether the security prices fully reflect the available information. No doubt, how to accurately understand and understand the effective market hypothesis is an important prerequisite for correctly grasping and applying information to make investment decisions.