根据有效市场理论,资本市场上的理性投资人以效用最大化为目标,根据企业提供并经注册会计师审计的财务报告进行分析判断,从而对市场做出无偏估计,对证券做出合理的估价。当投资人确定各种证券的基本价值后,他们会对影响证券的各种信息做出种种反应,这些反应又能够及时体现在证券的价格上。因此,反映企业财务信息的 According to the theory of efficient markets, rational investors in the capital market aim at maximizing utility and make analysis and judgment based on the financial reports provided by enterprises and audited by certified public accountants, so as to make an unbiased estimate on the market and make a reasonable valuation on the securities . When investors determine the basic value of a variety of securities, they make a variety of reactions to the various types of information that affect the security, which in turn reflect the price of the security. Therefore, reflecting the financial information of enterprises