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有效市场假说认为股票价格能够反映所有公开信息,但该观点始终难以使监管者和实务者完全信服。西方学术界新近提出了一种不完全披露假说,认为信息的解析是有成本的,因此并不是所有公开的信息都会反映到价格中去,也就是股票价格对公开信息作了不完全的揭示,这种假说对现实的资本市场作出了更为贴切的解释。不完全披露假说的理论及应用对提高我国资本市场信息披露监管水平具有政策含义。
The Efficient Market Hypothesis considers stock prices to reflect all public information, but it has always been difficult to convince regulators and practitioners alike. Western academic recently proposed an incomplete disclosure hypothesis that the analysis of information is costly, so not all the public information will be reflected in the price, that is, the stock price of the public information made an incomplete disclosure, This hypothesis gives a more pertinent explanation of the real capital market. The theory and application of incomplete disclosure hypothesis have the policy meaning to improve the supervision level of information disclosure in capital market of our country.