中文摘要：

动量效应和反转效应是被全球多个股票市场证实存在的金融异象，在借鉴前人研究的基础上，我们通过构造赢家组合和输家组合的方法对我国A股市场进行研究，得到了我国A股市场在短期内存在显著的反转效应，而在中长期赢家组合和输家组合均能获得显著的超额累积收益的结论。在此基础上从我国A股市场制度，规模效应等多角度对实验结果进行进一步分析解释。

英文摘要：

Momentum effect and reversal effect are financial anomalies whose presences are con~ firmed by many stock markets worldwide. On the basis of previous researches, this paper conducts an analysis of China＇s Aoshare market with the method of constructing the winners group and the losers group. It draws such a conclusion that there exists a significant reversal effect in China＇s A-share market in the short run, while both the winners group and the losers group can obtain significant ex- cess accumulated earnings in the medium and long terms. Based on this, further analysis and explana- tion are carried out on the experimental results from such aspects as the system of China＇s A-share market, the scale effect, and so on.