However empirical researches such as the riddle of bonus, the over-reaction and under-reaction of stock price, the acute fluctuation of stock price bring great challenge to it, and there are many defects on its fundamental theory, too.

• 然而证券市场的红利之谜、股价的过度反应和反应不足，股价的过度波动等实证研究对其形成了极大的挑战，并且，其理论基础也存在诸多的缺陷。