证券化市场有效性条件分析

证券化市场有效性主要是指反映在金融市场上的关于金融产品价值完全通过其价格体现出来的特征。当今关于市场有效性分析主要出现在两大阵营,一是以法玛为代表的有效市场理论,另一个就是根据市场的"异常"行为而产生的行为金融学理论。其目的是着重分析金融衍生品市场要满足有效性条件必须首先满足市场交易有效性,只有交易有效,证券品价格定价才能合理有效。

Analysis of Validity Conditions in the Stock Market

The stock market effectives chiefly refers to the feature of finance market about the finance products value reflecting through its price.Nowadays there are two main schools of though on the analysis of the effectiveness,one is represented by E.Fama's effective market theories,the other is the so-called behavior finance theories studying abnormal activities in the market.This article is mainly to introduce the two main approaches and to argue that finance products must first meet with the effectiveness of stock exchange so as to satisfy that of stock market,and to present that only the success of stock exchange will lend to the reasonable effectiveness of stock price.