Beyond the Misunderstanding of Weak-form Efficient Market──Comment and Pondering on the Positive Test and Its Conclusions of EMH about China's Stock Markets' Efficiency

According to the limitation of the theory of Efficient Market Hypothesis(EMH),the paper discusses empirical studies about China's stock markets' efficiency with traditional methods of EMH, and expounds that the conclusion of weak-form efficient marketis irrational to describe China's stock markets' efficiency. To understand the theme of China's stock markets' efficiency more completely and correctly, we must consider both the running mechanism of China's stock markets and their institutional and economic contexts.