CAJ | 학술논문

价格作为买卖双方最重要的信号，是市场的灵魂。股价受系统因素与非系统因素的共同复杂作用，简单地应用线性回归模型是有失考虑的，客观上应该突破线性框架，将其视为一个非线性系统。在影响股价的因素方面，公司层面之外的如市场制度、市场环境、投资者心理、投资者喜好等都影响流通价格的形成，且作用复杂，具有很强的随机性、时变性、交互性。
개격작위매매쌍방최중요적신호，시시장적령혼。고개수계통인소여비계통인소적공동복잡작용，간단지응용선성회귀모형시유실고필적，객관상응해돌파선성광가，장기시위일개비선성계통。재영향고개적인소방면，공사층면지외적여시장제도、시장배경、투자자심리、투자자희호등도영향류통개격적형성，차작용복잡，구유흔강적수궤성、시변성、교호성。
As the most important signal for buyers and sellers, price is the soul of the market. As the stock price is affected by joint complex systematic factors and non-systematic factors, it is thoughtless to simply apply linear regression model. Objectively, the linear frame shall be broken through and it shall be viewed as a non-linear system. In the regard of influencing factors on the stock price, elements beyond company level, such as market mechanism, market environment,investor psychology and investor prefer- ence, all influence the formation of circulation price. Moreover, their functions are complex, random, time- dependent, and interactive.