| The paper summers the conclusion of fundamental school, technical school and modern portfolio school on the Price-Volume analysis. Based on Chaos theory and nonlinear dynamic econometrics, the paper puts forward to explore a Chaos model of dynamic portfolio on the Price-Volume. The study also expects such model could explain some economic events which equilibrium model could not. The modern assets pricing theory (C APM and APT) has continued to use the method of general balanced analysis. Financial assets pricing process linked with earning ratio and variance-covariance matrix has solved these problems in fictitious economy.The price is the parameter in this paradigm.Investors can exchange with any quantity at this price.In fact, economic phenomena, such as demand and supply,etc. are all deposited with the price in complicated functional relation. The balanced price will be twisted.The trade volume of the financial assets offers the information beyond the price array.The following paper includes three parts:At first,it takes trade volume to portfolio selection model and obtains the analytic formula of a new efficient frontier.lt proves the relations between the new efficient frontier and the efficient frontier neglecting trade volume It makes an analysis with substantial evidence through the data of ShenZhen Stock Market and verifies relations between trade volume and efficient frontier preliminarily.The paper has reviewed factor examination emphatically about CAPM and APT that domestic and international scholars have carried on.The result is that the model of trade volume has strengthened the explanation ability of the stock market fluctuation.The trade volume contains the open and inside information that the price does not include. In order to study conveniently, trade volume is set as a endogenous variable that the array will be changed with time.The study expresses trade volume with a random equation, influencing this random array of the price, getting a dynamic price amount balanced model.The conclusion is that when the trade volume is considered, the efficient frontier should be superior The preliminary research indicates that different trade volume in different time slot makes difference to effective frontier related to earning ratio.There is a balanced relation between increasing price and rising amount of trade volume Secondly, on the conditional of interest rate varying with capital structure, the paper studies effective frontier involving price-volume relationship.Then it sets up the rational expectancy dynamic self-adaptation equilibrium model on the basis of traditional spider-web model .Through adjusting the analysis of the positive andnegative feedback, it studies the impact on equilibrium stability of the capital market with changing parameters. And from the model's assumption, the paper also study the complicate mechanism in capital market to make policy better With the condition of capital structure and interest rate changes, we suppose that interest rate increases with corporate structure. The linear frontier originally turn into non-linear frontier (including three sections of curves and one straight line).The capital market line may produce the discontinuous and complicated pricing course.At last, the paper has done a empirical study on Shanghai and Shenzhen Stock Exchange Market's index and trade volume with R/S based on CAPM related to price and trade volume. Then it calculates Hurst index of every month and every week after 1997.Utilizing no linearity index tendency in securities market, it chooses a mechanical simulation method to prove that utilizing price-trade volume relation can earn excess income.The paper may put forward a method to predict stock prices and build model by historical data.
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