法玛在有效市场假说中根据价格所反映信息的层次将有效市场分为强有效市场、次强有效市场和弱有效市场。
According to the levels of the information the price reflects, Fama classified the efficient market into three types: weak efficient market, semi-strong efficient market and strong efficient market.
本文的结论支持股票市场半强式有效假说。
The empirical results support the semistrong efficient market hypothesis.
我国的股票市场还没有达到半强式有效。
The level of our stock market effectiveness has not yet got up to semi strong type.
第四部分是原因分析，分析了当前导致我国国债市场非强有效的主要原因，这一部分是定性分析。
The fourth part is the analysis ofthe causes, the paper analyzes the current main cause of the strong bond market in ourcountry not effective, this part is qualitative analysis.
同时实证结果表明市场尚未达到半强式有效，投资者可以利用公开的信息获得超额收益。
And the empirical study proves that our stock market is not semi-strong efficient because investors can gain abnormal returns with publicly information.
根据对应的信息集的不同，人们将有效市场分为三类：弱式有效市场、半强式有效市场和强式有效市场。
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.
然而，无论是证券市场尚处于弱式有效阶段的我国还是已处于半强式阶段的美国，注册会计师虚假陈述都是无法避免及无法根除的。
However, both in the weak efficiency stock market of China or the semi-strong stage of the United States, CPA false statements can not be avoided, or eradicated.
由于得出结论超额收益显著不为零，最后得出结论，我国的股票市场不具有半强有效性。
The excess receipts concluded notable not zero, finally come to the conclusion that China's stock market does not have a semi-effectiveness.
并且人们根据对应的信息集的不同，将有效市场分为三类：弱式有效市场、半强式有效市场和强式有效市场。
And the corresponding different information sets, the market will be divided into three categories: the weak-effective market, semi-strong efficient market and strong market effective.
这表明证券市场能对中期盈余做出预期反映，沪市证券市场达到半强式有效。
This shows that the stock market is capable of making an anticipated response to the interim surplus and the efficiency of Shanghai stock market has come to be "semi-strong-formula efficient".
研究表明，并购事件公布所引致的市场异常收益说明中国证券市场属于非半强式有效；
The results indicate that the abnormal return caused by M&A announcement implies that Chinese security market is of non-semistrong-form efficiency;
目前大多数的研究认为我国证券市场已达到弱式有效，但尚未达到半强式有效。
Most researches show at present that Chinese security market has already reached the weak-form efficiency, but has not been up to semi-strong-form efficiency.
房地产市场；弱有效性；半强有效性；投机行为；经济金融学分析；
Real Estate Market; Weak effectiveness; Semi-strong Efficiency; Speculation; Economic and Financial Analysis;
房地产市场；弱有效性；半强有效性；投机行为；经济金融学分析；
Real Estate Market; Weak effectiveness; Semi-strong Efficiency; Speculation; Economic and Financial Analysis;
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