【作者】 韩国文； 韩海波；

【Author】 Han Guowen Han Haibo (Department of Finance Wuhan University, Wuhan, Hubei, 430072 Department of Statistics Lanzhou Commercial College, Lanzhou, Gansu, 730020 )

【机构】 武汉大学金融系； 兰州商学院统计学院；

【摘要】 在简要分析传统有效市场理论缺陷的基础上,介绍分形市场理论及其分析方法。以完整的上证与深证日收盘数据作为分析对象,应用典型分形市场分析方法,计算了沪、深两市的非周期循环的长度,对我国证券市场进行了完整的分形结构描述。更多还原

【Abstract】 This paper analyzes limitation of EMH briefly and represents fractal market theory and its analysis methods. At the same time, this paper tests Chinese capital market completely using integrated general index of Shanghai and Shenzhen security markets and typical method of fractal market theory. Especially it calculates length of acyclic cycle of the market. This paper can help government policy and private investment decision-making What’s more it compares difference of capital markets between China and America from the point of view of fractal market, and give out a different conclusion. At last this paper will represent applying of fractal market theory in widely-used financial models.更多还原