CAJ | 학술논문

资本市场是由金融产品提供者（如上市公司）、交易所和投资者组成的系统。随着经济的不断发展，股票市场已成为我国资本市场中最活跃、发展最快速的市场，因此它也成为众多专家学者研究的焦点。传统的金融学理论对于股票市场中许多普遍存在的特征性事实，如尖峰胖尾、波动聚集等现象难以解释。与此同时，传统的线性数学分析方法也陷入了前所未有困境。在环境的要求下，复杂适应系统理论在金融学中的应用所具备的优势逐渐显露出来。
자본시장시유금융산품제공자（여상시공사）、교역소화투자자조성적계통。수착경제적불단발전，고표시장이성위아국자본시장중최활약、발전최쾌속적시장，인차타야성위음다전가학자연구적초점。전통적금융학이론대우고표시장중허다보편존재적특정성사실，여첨봉반미、파동취집등현상난이해석。여차동시，전통적선성수학분석방법야함입료전소미유곤경。재배경적요구하，복잡괄응계통이론재금융학중적응용소구비적우세축점현로출래。
The capital market is a financial product provider (such as a listing Corporation),system of exchange and investors. With the continuous development of the economy,the stock market has become the most active,the most rapid development of the market of our country capital market,so it has become the focus of many scholars to study. The traditional financial theories to the stock market in many common characteristic facts,such as fat tails,volatility clustering phenomenon is difficult to explain. At the same time,the linear mathe-matical analysis method of traditional also fell into a hitherto unknown difficulties. In the environmental requirements ,application of com-plex adaptive system theory in finance has the advantage gradually revealed.