一、市场效率理论 市场效率理论是确立以美国经济学家Fama在1970年发表“有效资本市场:对理论和实证工作的评价”一文为标志。在论文中,Fama提出了有效资本市场的定义,投资者都利用可获得的信息力图获得更高的报酬,证券价格对新的市场信息的反映是迅速而准确的,证券价格能完全反映全部信息,市 First, the theory of market efficiency Market efficiency theory is established to the United States economist Fama in 1970 published “effective capital markets: the evaluation of theoretical and empirical work,” a text as a symbol. In the paper, Fama proposed the definition of an effective capital market, investors are using the available information in an attempt to obtain higher returns, the price of the securities reflects the new market information quickly and accurately, the price of the securities can fully reflect all the information ,city