An Analysis Of EMH In China A Share Stock Market

EMH of Stock market has long been the focus of economist, and analysis on EMH of Stock Market differs in perspectives and methodologies. To Research on the development of China stock market’s EMH and find the problems in the EMH’s proceeding have use for completing the system of stock market with the law and market management, which are also mainly discussed and studied in this thesis.Starting from EMH theory, this paper from two aspects to study EMH of China stock market, one is content in listed companies’annual report, another one is annual report disclosure event itself. So the paper has used different methods of research according to different various objects. Firstly, study and judge whether China stock market is weak-form market efficiency by analyzing on correlations and regression of content in listed companies’annual report and stock price. Secondly, study and judge whether China stock market is semistrong-form market efficiency by using chain of events analysis. These two methods test EMH of China stock market step by step, in order to get the over-all and further understanding.Finally, this paper analyses the reason from several aspects, such as the information disclosure, securities market legal system, market law enforcement, securities market participants and government behavior etc., and the relevant resolve measures are presented. The paper puts forward some helpful suggestions in the hope of improving investment environment, strengthening sense of value investing and improving EMH of China stock market.