法马的有效市场理论指出 ,股票市场根据其对不同信息的反应 ,可分为弱式有效市场、半强式有效市场和强式有效市场。本文以法马的有效市场理论为基础来研究中国股票市场 ,以上市公司年度股利分配预案的公布作为中心事件 ,用累计超额收益率法 ,得出上海股票市场不符合半强式有效市场的结论 Fama’s Efficient Market Theory points out that the stock market can be divided into a weak effective market, a semi-strong effective market and a strong effective market according to its response to different information. This paper studies the Chinese stock market on the basis of Fama’s theory of effective markets and takes the publication of the annual dividend distribution plan of listed companies as the central issue. Using the cumulative excess return method, we conclude that the Shanghai stock market does not meet the semi-strong effective market