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And the evaluation effects of China's Stock Market's volatility by different ARCH models from different point of view are compared. In addition, by using two mixed distribution models, the leptokurtosis and fat-tail of stock return are examined. Based on the above analysis, an improved Laplace distribution model is proposed. Furthermore, the root generating non-Gaussian return distribution of the stock market ? is expounded from the perspective of both economy and capital market.

首先分别从分布和波动性模型出发，研究中国股票市场收益分布特征与波动性特征：从ARCH族模型出发，考察了中国股票市场波动性的异方差、集群性、杠杆效应以及长记忆性特征；从两个混合分布模型出发，结合随机模拟考察了收益分布的尖峰、厚尾和偏态特征，并提出了改进型LapJace分布。

"A-share market has been undervalued, the stock market in the late fall, the industrial capital into the acceptable range of value, with the international market compared to A shares are no longer expensive, emerging in the international capital flows, domestic mobile And loose, A shares, as well as to improve the relationship between supply and demand in the asset allocation under the influence of the plight of the common, A is to enhance the attractiveness of stocks."

"A股市场已经被低估，在秋末股票市场，到可接受的范围值产业资本与国际市场相比，A股不再是昂贵的，新兴的国际资本流动，国内的移动和松散，A股，以及以改善供求之间的资产配置需求下的共同困境影响的关系，一个是提高股票的吸引力。"

Economy from recession triggered by the global economic crisis for the Chinese A-share market is only limited to stimulate the early stage of the market in the late fall of the main factors mainly For investors in the domestic market worries about the overall economic environment.

对此，张祥证券其实，它代表了全球性的中文阿经济危机引发美国经济衰退股市场只限于刺激市场的早期阶段后期主要因素下降主要用于有关的整体经济环境的国内市场投资者的忧虑。

Galaxy Securities is also the view of the researcher, A-share market has been undervalued, the stock market in the late fall, the industrial capital into the acceptable range of value, with the international market compared to A shares are no longer expensive, emerging in the international capital flows, domestic liquidity loose , A shares, as well as to improve the relationship between supply and demand in the asset allocation under the influence of the plight, A is to enhance the attractiveness of stocks.

银河证券也是研究人员认为，A股市场已经被低估，在秋末股票市场，到可接受的范围值产业资本与国际市场相比，A股不再昂贵，新兴在国际资本流动，国内流动性宽松，A股，以及以改善供求之间的资产配置需求下的困境影响的关系，一个是提高股票的吸引力。

Clicked science and technology to still announce its OEM/ISV collaboration and development strategy, this mark is worn click science and technology to be in sortie individual is instant communication market while, begin to march again the enterprise is instant communication market, will develop Co-operative Alliance extensively through unified Lava-Lava platform, extend the market jointly.

点击科技还公布了其 OEM/ISV 合作和发展策略，这标志着点击科技在涉足个人即时通讯市场的同时，又开始进军企业即时通讯市场，并将通过统一的 Lava-Lava 平台来广泛发展合作联盟，共同拓展市场。

Price fluctuation in any case, it will make land-use fees based on market mechanism to price the law of value, a reasonable reflection of the supply-demand relationship and return the market, the exclusion of non-market mechanisms of various unreasonable interference.

价格波动在任何情况下，这将使土地使用费的基础上的市场机制，价格法的价值，合理地反映供求关系和市场的回报，排除非市场机制的种种不合理的干预。

Over the next two years, according to the same market value, to limit the sale of shares lifted the market value of shares 1,728,700,000,000 yuan will reach a peak in the second year that fell to 408,000,000,000 yuan, and the first to sell limited stocks while the market value of lifting the ban will remain in the respective 2,098,800,000,000 3,636,900,000,000 yuan and yuan.

在未来两年内，根据同样的市场价值，限制出售股份解除了对股票的市场价值将达到1，728，700，000，000元，在第二年的高峰下降到4080.00亿元，首次出售股票，而有限市场价值取消禁令将继续在各自的2，098，800，000，000 3，636，900，000，000元人民币。

Given that supply and demand are basically in equilibrium in the domestic market and that small and medium businesses in Eastern China have taken the lead in occupying the market, market limitedness becomes the major obstacle to the development of small and medium businesses in Western China.

在目前国内市场供求基本趋于平衡、东部地区中小企业已经领先占领市场的情况下，市场限制成为制约西部地区中小企业发展的主要障碍。

Vigorously develop the corporate bond market, and actively promote the development of the bond market to solve the bottleneck problem, and guide large-scale listed companies through the bond market financing.

大力发展公司债券市场，积极推动债券市场的发展，解决瓶颈问题，引导大型上市通过债券市场融资的公司。

Vigorously develop the corporate bond market, and actively promote the solution to limit development of the bond market bottlenecks, and guide large listed companies through the bond market financing.

大力发展公司债券市场，积极推动解决限制债券市场发展的瓶颈，引导大型上市通过债券市场融资的公司。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。