183****7858
2025-02-24 17:36一個(gè)有效的市場(chǎng)價(jià)格充分反應(yīng)在股價(jià)中，那這樣豈不就是沒(méi)人能賺到超額收益和資本利得了嗎，金融市場(chǎng)也就不用存在了嗎？
所屬：CFA Level I > Equity 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
2個(gè)回答
開(kāi)開(kāi)助教
2025-02-25 10:02
該回答已被題主采納
同學(xué)你好，如果是在一個(gè)完全有效的市場(chǎng)中，所有可用的信息（公開(kāi)信息和私人信息）都已經(jīng)反映在股票的價(jià)格中。所以，根據(jù)這一理論，股價(jià)總是“正確的”，并且沒(méi)有投資者能夠持續(xù)地通過(guò)分析和預(yù)測(cè)獲得超額收益。
但實(shí)現(xiàn)市場(chǎng)并不都是完全有效的，因此還有獲得超額收益的機(jī)會(huì)。
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180****8696
2025-02-25 19:18該回答已被題主采納
The idea that an efficient market fully reflects all available information in stock prices doesn't imply that no one can earn excess returns or capital gains, but rather that such opportunities should be random and unpredictable, as they are based on information that is already incorporated into prices. According to the Efficient Market Hypothesis (EMH), if markets are truly efficient, it becomes difficult to consistently outperform the market by using public information, as the price already reflects everything known. However, this does not mean financial markets are unnecessary—markets still exist to allocate capital, provide liquidity, and allow investors to manage risk. Capital gains or excess returns can still occur, but they would typically arise from new, unforeseen information or factors that the market hasn't yet priced in, which is why active trading and investment strategies still exist.
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