[摘　要]　以香港房地产市场作为研究对象，在长期均衡模型和误差修正模型的基础上，通过构建一个两阶段测量模型，检验市场信息半强式有效性。实证分析结果显示，香港房地产市场的半强式信息有效性假设在0.01的显著水平被拒绝，其长期均衡价格与租金指数、房屋交易量和家庭收入水平三者线性相关,房价与长期均衡状态的偏离仅部分地被修正，市场中信息并未得到充分、及时的反映。

[关键词]　房地产市场,信息有效性,长期均衡模型,误差修正模型

Abstract: This study aims to examine the semi-strong form informational efficiency of Hong Kong real estate market. A two-stage regression model is set up based on long-term equilibrium model and error correction model. The empirical results show that, in the Hong Kong real estate market, the semi-strong form informational efficiency hypothesis is obviously rejected at the significant level 0.01 and the long-term equilibrium price is linearly related with the rental index, trading volume and household income. The divergence of the housing price from its long-term equilibrium state is partly adjusted which indicated that the information cannot be reflected fully and instantaneously inconsistent with the efficiency hypothesis.

Key words: real estate, informational efficiency, long-term equilibrium model, error correction model

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