The Model Study On The Running Features Of Bond Market On The Basis Of Complex Science

The motive of stock investment is to obtain the supreme earnings, however the earnings are accompanied with risks, and it is difficult to make decisions between earnings and risks. The traditional theory of stock investment showed that the stock market is effective, aligned, earning is the linear function of risk, the fluctuation of earning is in accordance with Fractal Brown Motion, the distribution of the earning is independent likewise, the variance and the mean are stable. The actual condition is that the nexus of the affecting factors in the stock market are very complicated one another, and are evidently influenced by the mentality personally and clustered, the fluctuation of stock and the relations between earning and risk are non-linear, non-equilibrium, the variance and the mean of earning is self-relevant, unstable, the fluctuation of earning is in accordance with Fractal Brown Motion, showing the features of fractal and chaos. The running of the bond market is manifested as complex, fluctuated and self-organized criticality.This paper exerted the existed research outcome to the study of bond market (especially the stock market) on the basis of the understanding and probing of new complex scientific paradigm, and regarding the transaction index in stock market, described the running features of market through the model analysis.The main content and innovation of this paper as follow:at first the paper introduced the classical investment theory and its tendency; then studied the complex systematic science and its application in the finance and bond market; the paper introduced the R/S analysis method that is used to check the orderly feature of the time, the model of Hurst exponent, and proved the availability of Chinese bond market by the empirical study of shanghai and shenzhen stock market using the R/S analysis method, it provided the theoretical and empirical basis for the setting of the model in the fourth chapter; the paper then built the non-linear dynamic model and self-organized evolution model, and analyzed and solve the model, obtained the conclusion and the practical denotation; the fifth chapter is the summary and outlook of the study.It is expected that through the empirical study toward Chinese stock market by the R/S method and the model study of the running features in the bond market, this paper can be beneficial to the application of complex science in the finance and bond field to some extend.