金融市场的效率与分形市场理论

Efficiency of Financial Market and Fractal Market Theory

简要回顾了通常描述金融市场效率的有效市场理论并指出其缺陷 ,将非线性系统理论中的分形理论引入金融市场有效性的研究 ,阐述了分维时间序列的经济涵义以及分形市场理论 ,并指出分形市场理论提出的意义 .最后给出实证研究 .

This paper firstly views the efficient market theory and points out its limitation, and applies the fractal theory to the research of the efficiency of financial markets. Then we introduce the meaning of fractional dimension time series and fractal market theory, and give out the significance of the fractal market theory. At last we present the demonstration using financial data.