求翻译：本文在前人的研究成果基础之上，对股票市场波动性的基本原理和特征及影响因素进行了系统梳理，对我国股票市场价格波动进行了描述性理论分析，运用 CARCH 模型族对价格波动的特征进行了实证分析，并进一步分析了股票市场与宏观经济运行的关系。结果表明，沪、深股市收益序列存在自回归条件异方差特征，股票市场收益率存在显著的高峰厚尾特征，我国股票市场不能全面反映宏观经济运行，存在着过度波动问题。是什么意思？

The basis of previous research results on the basic principles of stock market volatility and the characteristics and influencing factors systematically analyze descriptive theoretical analysis of China's stock market price fluctuations, use of carch Group Models of price fluctuations The characteri

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This article above predecessor's research results foundation, carried on the system to the stock market undulatory property basic principle and the characteristic and the influence factor to comb, has carried on the descriptive theoretical analysis to Our country Stock market price undulation, has c

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正在翻译，请等待...