This paper investigates the determinants of the informative efficiency of the stock market. In different to previous studies, the paper considers the factor of ”information distribution” and shows that the equilibrium price aggregates the market information according to their information frequency and precision. It is shown that if the distribution of market information is equal, then the equilibrium price serves as a sufficient statistic for the market information. When all the market information frequencies are proportional to the information observed, the equilibrium price is a sufficient statistic for market information. However, the market information is not equally allocated; it is impossibility for price informativeness. The traders still have an incentive to collect and to search for valuable information to improve their estimate of the true value of the risky asset. This will be helpful to build a stable model of stock market.