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经典金融理论与其他各种非主流理论在对有效市场假说(EMH)的认识、认可上都存在合理与局限之处,从不同的层次和角度看有效市场假说会有不同的理解和结论,简单地张扬一种而抨击另外的理论是不可取的,最好是对这些理论作全面的比较,以取其合理之处,并且形成自己比较系统的观点。因此,本文应用行为金融学、非线性理论、信息经济学、博弈论等理论,从不同的视角、不同的层次研究市场有效性问题,对有效市场假说(EMH)提出自己的理解。
Classical financial theory and other non-mainstream theories have some limitations and limitations on the recognition and approval of EMH. There are different understandings and conclusions on EMH from different levels and angles, and they are simple It is not advisable to criticize other theories by preaching one kind. It is better to make an overall comparison of these theories so as to take its rationality and form its own comparative viewpoint. Therefore, this dissertation applies the theory of behavioral finance, nonlinear theory, information economics and game theory to study the market efficiency from different perspectives and different levels, and puts forward its own understanding of the EMH.