本文根据噪音交易理论描述了噪音的本质,并描述了中国股票市场上噪音的各种表现,包括引起投资者构成以中小投资者为主,以及用EGARCH模型来描述收益率波动受“利好”和“利空”冲击的不对称性。进而,从信息不对称以及投资者行为偏误的角度,对噪音产生以及能够在中国股市长期存在的的原因进行了论述。 This paper describes the nature of noise according to the theory of noise trading and describes the various forms of noise in the Chinese stock market, including the formation of investors as medium and small investors and the use of EGARCH model to describe the volatility of returns subject to “good” “And” bad "impact of the asymmetry. Furthermore, from the perspective of information asymmetry and investor behavior bias, this paper discusses the causes of noise and the long-term existence in Chinese stock market.