In this essay , firstly the author analyzes the predictability of time series from china ' s stock exchange using three kinds of methods : arma model , neural network model and non - parametric estimation and gives evaluation on their performances while at the same time puts forward some conclusions deserving attention from both stock exchange supervising department and stock traders . secondly , the author examines the assumptions closely on which the above - said methods base and gives a detailed discussion on them , especially using garch model to test quantitatively the stability of china ' s stock exchange , afterwards drawing the conclusion that it is hard to make accurate prediction of price or return rate of china ' s stocks for none of the assumptions fully holds ground . thirdly , taking account of the difference between chinese stock traders as a whole and that of developed countries , the author gives a thorough analysis on the complexity and volatility of its ( traders " ) reaction to information and points out that the intrinsic heterogeneous and volatile reaction to information is an important reason for the almost unpredictability of the price or return rate in china ' s stock exchange 本文首先采用arma模型、非参数模型以及神经网络模型对我国股市时间序列进行研究,对三种方法在分析我国股市时间序列的表现进行评价,并得出了一些对监管部门以及股票交易者有借鉴意义的结论;其次作者对三种模型分析我国股市时间序列的前提进行了讨论,特别是利用garch模型对我国股市的系统稳定性进行了量化检验,得出了前提难以满足导致准确预测我国股市价格或收益率困难的结论;第三,考虑到中国股市股票交易者群体与发达国家股市股票交易者群体之间的差异,作者借用行为金融学的理论成果对我国股票交易者对信息反应的复杂性和易变性进行了详细分析,指出股票交易者对信息反应的异质性和易变性是造成难以准确预测我国股市的一个重要原因,考虑到我国股市以散户为主导的特性将长期存在,因此将行为金融学的研究结论纳入对我国股市时间序列的量化研究具有重要的意义;最后,作者从唯理预测与唯象预测之间差异的角度出发,指出了唯象预测的缺点并对我国股市时间序列的研究方向进行了展望。
Compared to the labor of ordinary worker , administrator ' s labor has characters of complexity , creativeness , unpredictability , high risk , high intensity , lag , long - term nature , difficulty in supervision and so on . besides value - making , it has more functions of accelerating enterprise and social productivity and pushing forward the realization of product value 与普通工人劳动相比,经营者的劳动具有复杂性、创新性、不可预测性和高风险性、高强度、滞后性和长期性、难以监督等特点,其劳动除了可以创造价值,更重要的是可以提高企业和社会生产效率,并推动产品价值的实现。