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本文通过对证券市场中供求双方的信息核心部分———上市公司财务会计信息披露的完全度及投资者的投资理论与技能进行建模和理论论证 ,认为证券市场的效率水平与这两类核心信息的完全程度正相关 ;并通过在经典模型中加入现实条件后得出以下结论 :发达国家的大投资家们由于制造和利用噪声使证券市场效率降低 ,而我国证券市场由于上市公司会计信息 ,披露等方面的不规范而低效率运载。最后 ,文章对理论界存在的有效市场理论和格罗斯曼———斯蒂格利茨悖论进行了理论分析 ,认为由于信息的不完全将永远存在 ,理论界的这两种观点在现实中也不会存在。
Through the modeling and theoretical argumentation on the completeness of information disclosure of financial and accounting information of listed companies and investors’ investment theory and skills, this paper argues that the efficiency level of the securities market and the two types of core The complete degree of information is positively correlated; and by adding the real conditions in the classical model, the following conclusions are drawn: The large investors in developed countries, due to manufacturing and utilization of noise, reduce the efficiency of the stock market; and the securities market in our country, due to the accounting information of listed companies, Disclosure and other aspects of the non-standard and low-efficiency delivery. Finally, the article makes a theoretical analysis of the effective market theory and the Grossman-Stiglitz paradox existing in the theory circles, and holds that these two kinds of views of theorist circles are in reality due to the imperfection of information forever Will not exist.