Discussing on Trend to Efficient Market Hypothesis of Securities and Futures Market

the efficient market hypothesis (EMH) developed through centuries has become an important basis for the analysis of financial market theory, EMH separates market into three types, namely strong efficient, half-strong efficient and weak efficient. But in practice it has caused much controversy. It is proved by positive analysis that most financial markets are weak efficient (only one among the three types) or still haven't reached this level, and it's clear that it is hardly conducive to grasping the precise state of the market movement. The trend to efficient market hypothesis (TEMH) shows that market trends to efficiency; that is, the market has a trend towards an equilibrium determined by the strong efficient market, rather than maintain at an equilibrium position. And through breaking markets into factors that affect a market, it reveals the inherent regularity of the trend to efficiency, which may reasonably explain the controversial financial phenomenon, and as well can blend with a variety of mainstreams of the present financial research.