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基于两国股票市场及相关的外汇市场建立了一个由做市商出清市场价格的资产定价模型，假设股票市场仅存基本面分析者、外汇市场存在技术分析者和基本面分析者.利用离散动力系统的稳定性和分支理论，在市场有无交互的两种情况下，分别讨论了该模型的稳定状态和分岔情况.通过数值分析，得出外汇干预可以起到稳定汇率的作用，从而改变股票市场的稳定性，维护市场平衡.
Abstract：Based on the stock markets of two countries and related foreign exchange market, this paper establishes an asset pricing model in which market makers clear market prices, assuming that there are only fundamental analysts in the stock markets, and technical analysts and fundamental analysts in the foreign exchange market. Using the stability and branching theories of discrete dynamical systems, the steady state and bifurcation cases of the model in two cases with and without market interactions are discussed. Through numerical analysis, it is concluded that foreign exchange intervention can play a role in stabilizing the exchange rate, thus changing the stability of the stock market and maintaining the market balance.
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基本信息:
DOI：10.13804/j.cnki.2095-6991.2025.02.018
中图分类号:F831.51;F831.6
引用信息:
[1]蒋荣华,杨志,王婧.基于两国股票市场及外汇市场的资产定价模型研究[J].兰州文理学院学报(自然科学版),2025,39(02):8-15+33.DOI:10.13804/j.cnki.2095-6991.2025.02.018.
基金信息:
伊犁州科技计划项目(YZ2022YD002); 伊犁师范大学校级科研项目(2022YSBS001)
2025-03-10
2025-03-10