From established in 2005, Shanghai and Shenzhen 300 Index has become an indication that the Shanghai and Shenzhen stock market characteristic.
沪深300指数从2005年成立以来，就成为了一个能够表现出上海和深圳股指的良好的指数。
The empirical findings show that both Shanghai and Shenzhen stock markets are a pink noise process and China' s stock market is not effective.
实证结果表明：沪深两市均为一粉红噪声过程，我国股市尚未达到有效。
The selection criteria are large-scale, good mobility. The index covers more than 60 percents market value in Shanghai and Shenzhen stock markets.
选择标准是规模大，流动性好的股票，覆盖了沪深两市达到60%以上的市值，又是即将推出的股指期货的标的物。
The Shanghai and Shenzhen Stock markets share similar structures and regulatory environments, so there are interaction and influences of returns and volatility between the two market.
沪深股市相似的结构和监管环境使得两市的收益率和波动性之间具有相互作用和影响。
The results show that the daily turnover of the Shanghai and Shenzhen stock markets does not conform to a normal distribution with autocorrelation and ARCH effects in the daily market turnover.
研究结果显示沪市和深市的日市场换手率不服从正态分布并且存在着自相关性和ARCH效应；
To support the Shanghai Stock Exchange and the Shenzhen Stock Exchange market value commissioned by the way.
支持上交所和深交所市价委托方式。
Shanghai stock market displays more efficiency than Shenzhen stock market and provides more risk premiums.
上海市场的有效性要强于深圳市场，上海市场能够提供更高的风险溢价。
The author analyzes the indexes of stock price and their monthly excessive return rate in Shanghai and Shenzhen Market. Relative high volatility exists in China's security market.
对上海和深圳市场股价指数及其月度超额收益率的分析表明，我国股票市场的波动性较大；
The author analyzes the indexes of stock price and their monthly excessive return rate in Shanghai and Shenzhen Market. Relative high volatility exists in China's security market.
对上海和深圳市场股价指数及其月度超额收益率的分析表明，我国股票市场的波动性较大；
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