股票定价函数形式的比较研究

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。

Comparative Study on the Functional Forms of Stock Pricing

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 preference,all influence the formation of circulation price.Moreover,their functions are complex,random,time-dependent,and interactive.