| The efficiency of security market is that the price on what degree and at what speed reflects the relevant information from the market. According to the corresponding different information collection, the efficient market was divided into three kinds: weak form market, semi-strong form market and strong form market. China' s security market is on the stage that Stock market is dominant. Our Stock market comes into being from 1990s, develops for more than ten years. It has gained a lot of advancement and has entered into the line of the most important emerging market. After our country entering into the WTO, take part in the completion of the world economy in the whole orientation. Our security market' s status and function will increasingly emerge. But there are still some problems in it. Meanwhile, the development of Capital Market Theory is relatively lagging and weakness, many things are still in discussion and grope.On this big background, the paper studies the efficiency of our security market. Firstly, it explores the Efficient Market Theory deeply and systematically with application of Rational Expectation Theory and Information Economics. It points out that the domestic experts were not come to an agreement about the efficiency of our stock market. That means it still has the necessary to study it. Secondly, the paper is about the development of our stock market, we review the course of it and analyze the actuality. We sum up the characters existing in it. Thirdly, aiming at the above characters, we analyze the Supervision and system arrangement. In the 4th part, it applies some statistical models to the study of the efficiency of China's stock market through empirical method. The result shows that our stock market is approaching to the weak form of Efficient Market. In the 5th part, some suggestions are given to improve the efficiency of China' s stock market. In the end, the paper points out the contents of my study, the innovations and directions of further study. |
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