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资本市场在现代经济中发挥着重要的作用,有效的资本市场是实现社会经济资源有效配置的重要前提条件。学术界基本认为我国证券市场在1993年后已达到弱式有效,但对于是否达到了半强式有效还存在着分歧。本文利用事件研究法以金融危机事件为对象,检验了我国发展较为成熟的上证A股市场的半强式有效性,结论表明,市场价格对金融危机并没有作出合理的反应,我国上证A股市场尚未达到半强式有效。
The capital market plays an important role in the modern economy. An effective capital market is an important prerequisite for the effective allocation of social and economic resources. The academic community basically believes that the stock market in our country has reached a weak performance since 1993, but there are still differences on whether the stock market can reach the semi-strong level. This article uses the event research method to test the semi-strong validity of the more mature A-share market in China based on the financial crisis. The conclusion shows that the market price did not respond reasonably to the financial crisis. The A-share market Not yet reached semi-strong and effective.