试论有效市场假说的会计含义●黄伟华一、基本概念及证据早在１９５３年，英国统计学家肯德尔在应用时间序列分析研究股票价格波动并试图得出股票价格波动的模式时，得到了一个使他大感意外的结论：股市价格没有任何规律可寻，它就像“一个醉汉走步一样，几乎宛若机会之魔... First, the basic concepts and evidence As early as 1953, the British statistician Kendall applied time series analysis of stock price volatility and trying to draw the stock price volatility model, we get a He was surprised by the conclusion: the stock market price is not any law to find, it is like "a drunk walking, almost like a chance of magic ...