深圳股票市场有效性实证研究

股票市场的有效性是股票市场研究的基本问题之一。我国股票市场是达到弱型效率，还是达到半强型效率，目前学术界尚无统一结论。本文对深圳股票市场的有效性进行实证研究的结果，是目前深圳股票市场已达到弱型效率，但尚未达到半强型效率。针对这一结论，为了进一步加强对我国股票市场的规范与管理，提高其有效性，本文提出了要不断完善上市公司信息披露制度、壮大投资者队伍和提高投资者素质、改进证券市场监管方式以及深化上市公司管理体制改革等相应措施与对策。

Empiric Study on the Efficiency of Shenzhen Stock Market

The efficiency of stock market is one of the fundamental issues of the study on stock market. There is not a consistent conclusion on whether the degree of efficiency of the stock market of China isweak or semi--strong. Based on an empirical study, the conclusion of this article is that the degree of efficiency of Shenzhen stock market is weak but not semi--strong so far. In the light of this conclusion, in order to further strengthen management of the stock market of China and enhance its efficiency, we proposeto perfect proclamation system, enhance investor's quality, improve the supervision of the stock marketand reform the management system of the listed companies etc.