中国股票市场有效性实证研究 --基于股票价格指数的统计检验

t the present time,it doesn't come to a conclusion of the examination and discussion whether there is efficient or not in China's capital market.The paper research is differ from others'research ,that is not econometric analysis at some aspect ,but combining the three characteristics of the efficient market and choosen the representative stock price index to analyse the efficiency of China capital market at the three ways ,which are index distribution ,fluctuation and correlation .The result of examination shows there is inefficient market in China ,and the paper points out the reason at last.