The Empirical Test of the Efficiency of China's Stock Market

Zhi-xin WANG, Yue WANG, Fu-qin ZHANG

Abstract


The effectiveness of the stock market refers to the stock price reflects the level of information at different levels, the theoretical basis is mainly valid market assumptions. In order to measure the effectiveness of the Shenzhen Stock Exchange, this paper mainly analyzes the Shenzhen stock market from 1991 to 2017, and selects the daily logarithmic earnings of the Shenzhen Stock Exchange for the four periods 1991-1996, 1997-2003, 2004-2010 and 2011-2017 Rate sequence as the research object, using Eviews10 as a tool, using unit root test and autocorrelation test to test its stability and weak validity test. The result of autocorrelation test shows that the stock market of Shenzhen Stock Index for the four periods is not weak with effective.

Keywords


Effective Market, Unit Root Test, Self-Correlation Test


DOI
10.12783/dtssehs/iceme2019/29586

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