对效率市场体系的理论思考

效率市场有着更丰富的内容,而不仅局限于股票效率市场。按研究的层次分,效率市场可分为微观效率市场、中观效率市场和宏观效率市场。微观效率市场是帕累托效率市场,是效率市场体系的基础,但微观市场存在空间失灵和经济、社会失灵。作为对微观市场失灵的纠正,中观效率市场表现为城乡一体化市场,宏观效率市场表现为宏观经济目标实现的全国统一大市场。三个层次的效率市场相互作用、相互推动,构成了一个完整的动态市场运行体系。

Thought on System of Efficient Market

This article thinks efficient market has abundant contents, not merely confines to the efficiency market of the stock. According to level of study, efficient market can be divided into micro efficient market, regional efficiency market and macro efficient market. Micro efficient is the market of Pareto efficiency and the foundation of efficiency market system. But micro market has space failures and (economy,) society failures. As to micro market failures, regional efficiency market is shown as the integration of urban and rural areas market, and macro efficiency market is shown as national big market of realization of macroeconomic goal. Three efficient markets interact and promote each other, which forms a dynamic market operation system.