本研究建立了一個金融市場交易與價格會影響實質投資或生產、並會轉而影響 企業的現金流量的模型，發現：實質總效率會隨著公開信號精確度遞增而遞增。但 在公開信號提供相對更強的因素f% 訊息、並同時提供訊息相對更弱的因素a% 訊息之下： 在公開信號精確度相對較小時，揭露的間接效率會大於揭露的直接效率，實質總效 率因此會隨著公開信號精確度遞增而遞減；而在公開信號精確度相對較大時，揭露 的間接效率會小於揭露的直接效率，實質總效率仍會隨著公開信號精確度遞增而遞 增。

This study builds a model how financial trade and price affect real investment or production, and, in turn, affect cash flow of firm. We find two outcomes when financial market aggregates information efficiently or is fully liquid, that is, the precision of noise trade becomes larger. Firstly, real efficiency increase as the precision of public signal raises, when public signal provides more information about factor a% and less about factor f% . Secondly, real efficiency decrease as the precision of public signal raises, when public signal provides more information about factor f% as well as less about factor a% . Additionally, the indirect effect of public disclosure is smaller than the direct effect when the precision of public signal is relative larger, and in turn, real efficiency increase as the precision of public signal raise.