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中文摘要：
股票价格波动对于市场信息的反应过程具有非对称性.通过利用多种非对称性GARCH模型,描述和检验了沪市股票日收益率序列的条件波动性,并通过对股票市场信息影响曲线的分析,发现沪市股票价格波动中存在显著的非对称性反应.这说明股市波动对于不同的政策干预和信息冲击具有不同程度的反应,“利好消息”对股市的刺激作用仍然需要其他市场干预的配合才能发挥出来.
英文摘要：
Stock price fluctuation impacts the response of the stock information asymmetrically. The conditional fluctuation of stock day turn in Shanghai stock markets were described and tested by using many asymmetric GARCH models. After analyzing the information response curves, it was found that the stock price fluctuation in Shanghai stock markets showed its asymmetry obviously. It was concluded that stock market fluctuation responded to the interferences of different economic pollcies and the impact of the information differently, and that ＂good news＂ incentives for stock market investors to buy stocks should be assisted by other market interruptions.
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