Market efficiency and stock market bubble are very much concerned by the academic community. Market efficiency and stock market bubble are two sides of one body, which are both interrelated and opposite to each other. We summarize the development of Efficient Market Hypothesis (EMF), and based on the Residual Income Model (RIM) method, taking the A-share market as an example, analyzes and measures the intrinsic value and stock bubble rate of China's A-share market. The median historical bubble rate of A-shares exceeded 20%, and A-shares were overvalued for most of the statistical period from 2001 to 2019. In the past 30 years of development, China's stock market has not yet built an efficient market mechanism for correcting errors, among which there are human intervention factors such as "policy market", which makes the market price deviate from the intrinsic value of enterprises for a long time. From the perspective of investment, the historical bubble rate of A-shares is significantly negatively correlated with the return on investment (CAGR) in the next five years. The present study examines the measurement of A-share bubble space and market efficiency, providing valuable insights for the development of a more efficient A-share market.