中国股票市场春节效应的实证研究

Empirical Study of Spring Festival Effect in Chinese Stock Market

季度效应自从被发现以来,就不断地涌现各种各样的实证研究,并在很多国家的实证研究中被证明。但在我国目前对于其他类型的季节效应,如月份效应、月初效应、年末效应等,则几乎没有研究。由于我国有传统的春节,类似于国外的圣诞节,是否也存在与圣诞效应或一月效应一样的春节效应或者二月效应的问题,笔者就此对季节效应进行了深入的研究,并发现我国并不存在二月效应。

Higher efficiency and lower cost are the basic goal of e-business. However, e- business based on Web/ Browser mode makes it fall into efficiency predicament. Appearance of intelligent distributed computing model and work flow technology brings e-business a new developing chance, and intelligent e-business becomes a hot theme. Firstly mobile agent and work flow technologies used in e-business are introduced and a theoretic HAS model of agent is put forward. Then a concept model of business process for e- business is given and its operating model and system framework are designed. Some theoretical discussions for realizing intelligent e-business are presented.