Study of Modern Security Pricing Model
现代证券定价模型研究

Basing on the theory of system,epistemology and of feedback control,a new security pricing model-stochastic volatility pricing model(SVPM) with jump and feedback,is proposed by amending a defect lying in the original models that neglect the important events happened frequently in financial markets,and by importing the interaction between investors and security price.Theoretical analysis,numerical simulations and practical applications all show that the new model simulates the complex behaviors of real security price better than the traditional SVPMs and its output price series possess the same statistical characteristics of return as that of the real ones;besides,compared with the existing short-term security price predicting models,the new model is of high precision and efficiency,robustness as well as universality.