183****78582025-02-24 17:36:57
183****7858一个有效的市场价格充分反应在股价中，那这样岂不就是没人能赚到超额收益和资本利得了吗，金融市场也就不用存在了吗？
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开开2025-02-25 10:02:27
开开同学你好，如果是在一个完全有效的市场中，所有可用的信息（公开信息和私人信息）都已经反映在股票的价格中。所以，根据这一理论，股价总是“正确的”，并且没有投资者能够持续地通过分析和预测获得超额收益。
但实现市场并不都是完全有效的，因此还有获得超额收益的机会。
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180****86962025-02-25 19:18:26
The idea that an efficient market fully reflects all available information in stock prices doesn´t imply that no one can earn excess returns or capital gains, but rather that such opportunities should be random and unpredictable, as they are based on information that is already incorporated into prices. According to the Efficient Market Hypothesis (EMH), if markets are truly efficient, it becomes difficult to consistently outperform the market by using public information, as the price already reflects everything known. However, this does not mean financial markets are unnecessary—markets still exist to allocate capital, provide liquidity, and allow investors to manage risk. Capital gains or excess returns can still occur, but they would typically arise from new, unforeseen information or factors that the market hasn´t yet priced in, which is why active trading and investment strategies still exist.
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