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根据现有的研究成果,我国证券市场弱式有效是可以接受的,但是不能满足半强式有效市场条件。主要原因是市场制度建设的缺陷和经济转型期特有的股权结构以及市场功能设计短视。实际上,上市公司的股权被限制在两个彼此分割的市场中进行交易或转让。由于股权转让和交易市场的实质性差异,致使部分应及时披露的信息带有强烈的垄断性,信息披露带有滞后性和非对称性。
According to the existing research results, the weak effective of the stock market in our country is acceptable, but it can not satisfy the semi-strong effective market conditions. The main reason is the shortcomings in the construction of the market system and the unique ownership structure in the economic transition as well as short-sighted design of market functions. In fact, the shareholding of listed companies is limited to trading or transferring in two separate markets. Due to the substantive differences between the equity transfer and the trading market, part of the information that should be promptly disclosed has a strong monopoly, and the information disclosure has lag and asymmetry.