我國股票市場效率化之研究

學術理論之價值貴在具體實踐、落實於市場行為中、造福投資福祉、促進經濟發展與人類進步。近半世紀以來，財務理論蓬勃發展，已使生活在此世代之人民有投資理財之人權與自由。而正確、具體可行之理論若能融入於制度之運作與法令規範中，則可提升市場運行效率，效益無可限量。本文認為，由市場運作經驗來對理論之肯定，可顯著突顯學術價值之可貴。同樣，以理論來檢視市場之發展，亦能使市場加速進展，理論與實務互相提攜有利於人類文明。本文作者躬逢其盛、親身經歷自1987年起台灣證券市場之開放，由證券產業及技術分析研究員起至自營商經理人、壽險公司資產管理主管及投資顧問公司總經理及兼任大學教職，從事實務與教授相關科目等工作生涯近25年，深感財務理論之演進與市場發展呈現高度互助效應，因此擬以實務經驗中可深刻對照之相關理論，感受最深之心得體驗提出數項命題，期盼對我國資本市場與財金學界有所貢獻。

關鍵字

效率市場假說；風險溢價；順向投資策略；逆向投資策略；行為財務學

並列摘要

The valuation of academicals research is to carry out the theories. These theories come true in the empirical market could promote the welfares of the investors, and will improve the life of the human beings. The available hypothesis could get into market is the best contribution. That will push the system of market and management of market, these effects are endless. Therefore, this paper considers that my own empirical experiences of the operation in market will confirm the hypothesis and theory of finance, and appear the valuation of the science .In other side; we could use the development of the hypotheses, and then again promote the market to booming. This paper author has more experience in stock market of Taiwan. I was in the launch of Taiwan equities, from 1987 to now about 25 years, experience working in the analyst and dealer, fund manager of life-insurance Corporation, and the President of Security Consultant Corporation. The paper considers that our propositions of financial market will promote market development, and to contribute the academic.