对于股指收益序列的波动情况,国外已经有很多实证研究表明其具有高峰厚尾性、波动集群性及非对称性。我国上海股票市场和深圳股票市场是新兴的股票市场,其发展只有十多年的时间,发展尚不成熟,其价格波动较大,投机因素占很大比例,同国外一些成熟市场相比较,我国的波动性更大。但 For the volatility of the stock index return sequence, there have been many empirical studies abroad that it has a peak and a tail, volatility and asymmetry. China’s Shanghai stock market and Shenzhen stock market are emerging stock markets. Their development has only ten years of development, the development is still immature, its price fluctuates greatly, and the speculative factor accounts for a large proportion. Compared with some mature foreign markets, China More volatile. but