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文章以上证50指数成分股为研究样本,从个股特有信息含量的视角探讨了股票定价效率。研究发现,基于个股特有信息含量的指数成分股定价效率呈现逐年下降态势;成分股公开的基本面因素在股票定价过程中的影响力较弱,非系统因素内化到个股定价中的信息含量较低,从而导致个股基于特有信息含量的定价效率偏低。
The article takes the above 50 index constituent stocks as the research sample, and discusses the stock pricing efficiency from the perspective of individual stock information content. The research shows that the pricing efficiency of index stocks based on the unique information content of individual stocks shows declining trend year by year. The fundamental factors exposed by constituent stocks have a weaker influence on the pricing process of stocks, and the information content of non-systematic factors Low, resulting in low pricing efficiency of individual stocks based on unique information content.