文档介绍：东北大学硕士学位论文 Abstract ABSTRACT Asthestockmarket ofChina hastheadvanced electronictransactionsystem,it shows agreat deal ,the development of thestockmarket isconcerned winl thewhole economic system。The stock market ofChina isalso not ripe inmodern socialbases,such as market mechanism,legal system ensuring,coneept, thiskindofbackground,scholars have never stopped thedispute on theefficiency ofthe stockmarket ofChina The traditionmethod such asorderand ovel。carn,auto—correlationcoefficient,etc was first adopted toexamine theChinese stock market The results show thatthestock market has gradually possessed thecharacteristicsofvalidity,but theirconclusions aren’ I uses theanalytical method ofthetime SelqeS,considering theseasonal factorand different variancefaetoE toexamine resultshow thatChinese stockmarket basically reach weak efficiency theway of event study we examine semi-strong type efficiency tostockmarkets ofShanghai andShenzhen,Finding though theimpact on stockprice ofmajor event isremarkable,the adjustment totheincident information ofstockprice is not accurate we can't say thatthe Chinese stock market has already reached semi·strongtypeefficiency. _11”mainachievement inthisthesis includes: 1)Usevarious kindsofexaminingmethodsto heweaktype efficiency onthe stock market finding themarket alreadyreachedweak typeefficiency after1997. 2)Examine theeffect ofweekend on thestockmarket,finding that theeffectisremarkable on weekend onthe stockmarket,but there is noeffect of Monday also make all explanations totheeffectofweekend fromthe订a如system and behavior finance 3)Find e and risk on thestockmarket arebeing remarkable and relevant Prove that thestock owner’sideaofinvestment e more trationaiTowards risk,theyrequire thecorresponding n#urn 4)Carry onan research on the2000 earningsannouncement,finding though theimpact of announcement ollthestockprice isremarkable,tlleadiustment t