中文摘要：

价格作为买卖双方最重要的信号，是市场的灵魂。股价受系统因素与非系统因素的共同复杂作用，简单地应用线性回归模型是有失考虑的，客观上应该突破线性框架，将其视为一个非线性系统。在影响股价的因素方面，公司层面之外的如市场制度、市场环境、投资者心理、投资者喜好等都影响流通价格的形成，且作用复杂，具有很强的随机性、时变性、交互性。

英文摘要：

As the most important signal for buyers and sellers, price is the soul of the market. As the stock price is affected by joint complex systematic factors and non-systematic factors, it is thoughtless to simply apply linear regression model. Objectively, the linear frame shall be broken through and it shall be viewed as a non-linear system. In the regard of influencing factors on the stock price, elements beyond company level, such as market mechanism, market environment,investor psychology and investor prefer- ence, all influence the formation of circulation price. Moreover, their functions are complex, random, time- dependent, and interactive.