Market efficiency（市場有效性）是什么_2021年ACCA考試FM知識(shí)點(diǎn)

來源：東奧會(huì)計(jì)在線責(zé)編：孫茜2021-09-27 10:36:29

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市場有效性_2021年ACCA考試FM知識(shí)點(diǎn)

【內(nèi)容導(dǎo)航】

Market efficiency 市場有效性

【知識(shí)點(diǎn)】

Market efficiency 市場有效性

Market efficiency

Definition of market efficiency

Different types of efficiency can be distinguished in the context of the operation of financial markets.

(a) Allocative efficiency

If financial markets allow funds to be directed towards firms which make the most productive use of them, then there is allocative efficiency in these markets.

(b) Operational efficiency

Transaction costs are incurred by participants in financial markets, for example commissions on share transactions, margins between interest rates for lending and for borrowing, and loan arrangement fees. Financial markets have operational efficiency if transaction costs are kept as low as possible. Transaction costs are kept low where there is open competition between brokers and other market participants.

The information processing efficiency of a stock market means the ability of a stock market to price stocks and shares fairly and quickly. An efficient market in this sense is one in which the market prices of all securities reflect all the available information.

The efficient markets hypothesis is concerned with the information processing efficiency of stock markets.

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注：以上內(nèi)容來自Echo老師基礎(chǔ)班第32講

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