相对于市场机制，证券信息监管是克服或缓解信息不对称及市场无效性的较优选择。
Compared with market mechanisms, securities information regulation is a better mechanism to overcome or relieve information asymmetry and market inefficiency.
所有的有效性检验只能检验市场无效，而不能证明其已经达到有效。
All tests should on ly be directed at market inefficiency, not market efficiency.
外部性会导致市场无效，因为他们限制了市场价格传达用多少钱生产和用多少钱购买的准确信息的能力。
Externalities cause market inefficiencies because they inhibit the ability of market prices to convey accurate information about how much to produce and how much to buy.
这个模型不依赖对证券基础价值的假设，也不依赖市场有效性的假设，可以解释针对主流金融学提出的市场无效现象。
This model is independent of the hypothesis of stock elementary value and effective market, and can explain the phenomenon of invalid market proposed by prevailing finance.
这个模型不依赖对证券基础价值的假设，也不依赖市场有效性的假设，可以解释针对主流金融学提出的市场无效现象。
This model is independent of the hypothesis of stock elementary value and effective market, and can explain the phenomenon of invalid market proposed by prevailing finance.
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