我国证券市场从1999年后,走过了六年低迷之路,期间政府采取各种办法企图挽救股市,但一直未能如愿。2006年以来,股市开始复苏,而政府应该怎么样干预和引导股市走向,又成为人们关注的问题。本文将针对我国证券市场的有效性,结合有效市场理论,分析政府应该在什么时候干预市场、稳定证券价格,又应该如何积极有效的进行干预。 Since 1999, China’s securities market has passed the path of six years of sluggishness. During the period, the government took various measures to save the stock market, but it failed to do so. Since 2006, the stock market has begun to recover. However, how the government should intervene and guide the stock market has become a matter of concern. This article will address the effectiveness of China’s securities market, combined with effective market theory, analysis of when the government should intervene in the market, stabilize the price of securities, but also how to actively and effectively intervene.