【正文】 （ 3） （ 4） 從上述估計(jì)結(jié)果中發(fā)現(xiàn)，深成指數(shù)鐘的 GARCH 項(xiàng)是高度顯著的，且 ARCH 項(xiàng)與GARCH 項(xiàng)系數(shù)之和小于 1，所以 GARCH(1， 1)過程是平穩(wěn)的。 表 5 格蘭杰因果關(guān)系檢驗(yàn)結(jié)果 原假設(shè) F 統(tǒng)計(jì)量 t 統(tǒng)計(jì)量 結(jié)果 LNRZ 不是 VOL 的格蘭杰原因 接受原假設(shè) VOL 不是 LNRZ 的格蘭杰原因 拒絕原假設(shè) LNRQ 不是 VOL 的格蘭杰原因 接受原假設(shè) VOL 不是 LNRQ 的格蘭杰原因 拒絕原假設(shè) 從上表可以看出，在 5%的顯著水平上，融資 余量是股票市場波動(dòng)性的格蘭杰原因，而股票市場波動(dòng)性不是融資余量的格蘭杰原因。綜合考慮 篩選之后，最終選取 2 階最佳滯后階數(shù) 。 6． 方差分解 表 8 方差分解結(jié)果 Period . LNRQ LNRZ VOL 1 2 3 4 5 6 7 8 9 10 由上表可以知道，股票指數(shù)波動(dòng)性對其自身的解釋程度最大。 第三， 融資和融券對于股市波動(dòng)性的影響是非對稱的，融 券 的影響力大于融 資 。 2． 強(qiáng)化信息披露制度 信息不 對稱一直是導(dǎo)致市場失去效率和公平的一個(gè)重要因素。比如美國早期推出融資融券業(yè)務(wù)時(shí)就經(jīng)常性調(diào)整保證金比率，不僅效果 不佳，而且擾亂了市場的 投資情緒。因此，在我國融資融券的保證金可以全由證券來代替，而證券收到市場波動(dòng)的影響較大，其穩(wěn)定性不高。一方面，可以利用網(wǎng)絡(luò)手段，加強(qiáng)對于 證券知識，相關(guān)政策，市場信息的宣傳，從 畢業(yè)論文：正文 17 而加強(qiáng)投資者的風(fēng)險(xiǎn)意識的提高。s Shaanxi province pass through a stop on the ancient Silk Road, Gansu39。s Poly Theater. Their show, titled Ulan Muqir on the Grassland, depicted the history and development of the art troupe. Being from the region allowed me to embrace the culture of Inner Mongolia and being a member of the troupe showed me where I belonged, Nasun, the art troupe39。s Liaoning province, decades ago. The solider gave the old man a handmade saddle when they bid farewell. The story inspired Nasun to write Carved Saddle, a song that later became one of his most popular numbers. Now, every year, Nasun recruits young singers and dancers for the troupe. The troupe has also designed a new repertoire, which is mostly based on the daily lives of Mongolian people, especially the lives of nomadic families, and has bined contemporary musical elements with folk songs of the region. Haimu, a 25yearold khoomei (a local variant of overtone singing) singer, joined the troupe three years ago. Along with a sixmember band, he performs fast songs and soft ones that he writes－ all while playing the horsehead fiddle.Although I learned the piano since childhood and grew up listening to various kinds of music, to me, the folk music of Inner Mongolia is the root, he says. Performing in remote villages is pleasant. I feel at home on the boundless grasslands, and the warm people there make me feel fulfilled. The first round of spring auction season in Beijing ended last week, but it failed to create much spring in the art market. Although two pieces of Chinese painting fetched more than 100 million yuan, the decline in trading volume and sa le rate showed a downturn this year. In the ―Grand View: Chinese Painting Highlight‖ session at China Guardian 2022 spring auctions, Pan Tianshou’s representative work Eagle, Rock and Flora hit a record auction price of 279 million yuan, while Li Keran’s masterwork Jinggang Mountain fetched million yuan, an unexpected high in recent years. However, the trading volume fells to billion yuan from billion yuan in the same period the year before. The Huangchen 2022 Spring Auctions, which recorded million yuan in total sales, experienced the same. The section number went down to 5 from 12 pared to last year. According to expert Shao Jianwu, the art market did not attract much excitement this year due to the booming stock market and the persistent problems of fery and fake deals. The two pieces of Chinese painting notched up high price this spring due to their own value not due to a revival in the market. The successful transaction of two works with a hammer price of more than 100 million yuan once again confirms that valuable and rare works of high quality always earn the longlasting high price. Chinese painting and calligraphy is still the pillar of the market. However, the overall sales rate has dropped slightly, which reflects the demand for the ordinary auction goods has weakened,‖ said the president of China Guardian’s Hu Yanyan. Besides, the entry of new buyers also makes certain changes to the direction of purchasing. In a word, the overall market trend is very unpredictable. Although China Guardian 2022 Spring Auctions has achieved remarkable results, it does not mean that the market has walked out of the predicament. We still have to wait for the big economic boom to invigorate the art market.‖ Even so, the hot pursuit of some special items appeared this spring. A special session of China Guardian Spring Auctions titled ―Fine Gilt—Bronze Buddhist Images‖ achieved a great deal with total sales volume of million yuan and 92 percent sale rate. The 5th Shamar Rinpoche Statue from 1617th century of Tibet was sold for million yuan. The Beijing Chengxuan Auctions featured almost 2,800 items of coins and stamps in three sessions with good sale rate. The Huachen Auctions also set a special session of photographs under the condition of largescale decline of auction sessions. There was a palpable dull thud of disappointment that acpanied the return of the imperial entourage of Zhen Huan to her homeland. It followed a couple years of hushed excitement as Chinese fans were fed tidbits about their proud concubine who was supposed to conquer the high ground of the North American market. Zhen Huan is, of course, the title character of The Legend of Zhen Huan, a 2022 television series that swept China off its feet and later took other Asian countries by storm. Two years ago, it was reported that HBO, a premium cable service headquartered in the United States, was going to air it in North America after some modification. Now, a condensed version that provides English subtitles but no dubbing has finally been made available on Netflix for online streaming. This version, highly anticipated as a milestone in China39。80s. We sat on the back of pickup trucks for hours. The sky was blue, and we couldn39。 （四）提高證券公司內(nèi)部建設(shè) 在我國，證券公司作為融資融券的媒介，是投資者和其他金融機(jī)構(gòu)的聯(lián)系者。在市場波動(dòng)的情況下，如果僅用證券來充當(dāng)保證金，在市場下跌時(shí)必然會(huì)影響到保證金制度的有效性和公平性。 在國外，保證金比例的確定都是由國家金融系統(tǒng)中最權(quán)威的部門來制定。 在 我國證券市場，由于信息披露制度不健全，信息不