技术分析作为一种证券投资分析手段,其有效与否的关键是运用该手段进行股票投资能否获得超额利润。通过对沪深股市进行模拟投资的研究表明在中国A股市场运用技术分析可以构建出能获得超额利润的股票投资策略。实证检验说明技术分析在中国A股市场中是有效的,也说明中国的A股市场并未完全达到弱式有效市场。
As a securities investment analysis method, the key of effective technical analysis is to use technical analysis for stock investment whether it can obtain excess profit or not. This article proves that in China a-share stock market using technical analysis can construct a stock investment strategy which can obtain excess profit. The article is on the basic of the simulation investment study on Shanghai and Shenzhen stock market. The empirical test shows that technical analysis is effective in China a-share market and also shows that Chinese a-share stock market has not fully achieved weak form efficiency market.