Abstract: The security market trade is based on information captured and assimilated by investor．The essence of security market is information market．According to the different understanding of information's flowability mechanism and reflection mechanism,the security market is divided into efficient market and fractal market．This paper expatiates the different behavior of information mechanism in efficient market and fractal market，reviews the information mechanism of two hypothesis．Efficient market hypothesis is a special instance of fractal market hypothesis by qualitative analysis of Paretian distribution eigenfunction and Hurst exponent analysis．

Key words: efficient market, information flowability, fractal market, fractal framework

摘要： 证券市场的交易是投资者根据所获取和消化的信息量来进行的，证券市场的本质是信息市场．根据对信息在 市场上不同的流动机制和反映机制的理解，证券市场分为有效市场和分形市场．本文阐述了信息机制在有效市场 和分形市场不同的市场表现，并对这两种假说的信息机制进行评析．通过帕雷托分布的特征函数的定性分析和 Humt指数的分析表明，有效市场假说是分形市场假说的一种特殊情况．

关键词: 有效市场, 信息流动性, 分形市场, 分形结构