1、湖南大學博士學位論文進化金融及中國股市實證研究姓名：秦國文申請學位級別：博士專業(yè)：國際貿易學指導教師：賴明勇楊招軍20070605AbstractThispaperattacksthedynamicsandgeneralequilibriumproblemofcontinuoustradingmarketselectionbymeansofDarwinevolutionaryideasThemainachievementsalesumm

2、arizedinthefollowingInthesettingtherearelotsofassets，eachofwhichgeneratesrelativedividendexogenouslyandindependentlyonpresentamountofwealthExpectedrelativedividendsaleconstantallthetimeandtheassetpricesaleendogenouslydet

3、erminedbysupplyanddemandThereexistonlytwokindsofinvestorswhoinvestaccordingtofixmixstrategiesThispapershowsthatanassetgainsprofitifandonlyifitsrelativedividendismorcthanitsrelativepriceThefixmitinaccordwitllexpectedrelat

4、ivedividendsisgloballyasymptoticallyevolutionarystableandassetpricesequaltoexpectedrelativedividendsinanequilibriumItiSfinancialinnovationthatmakesmarketseffectiveWithoutfinancialinnovation，theassetpriCeSCanbetwistedinto

5、anythingavailableTheseconclusionscontributetOnaturalselectionhypothesisbelievedbyAlchian(1950)，F(xiàn)riedman(1953)andFama(1965)andprovidearigorousanalysistothehypothesisaswellThispaperdevelopsacontinuoustimeevolutionaryfinanc

6、emodelwillltimedependentstrategiesalsoWecertifythattherealwaysexiasarbitrageopportunitiesinfinancialmarketsifinvestorsarewellinformedandpaynocostsHoweverthearbitrageisextremelylimitedinanapproximateequilibriummarketandac

7、tuallyarbitrageopportunitiesCanonlybetakenbylargeinvestorslikefinancialinstitutionsTwoarbitragestrategieswhichalesimpleandeasytoimplementarepresentedaccordingtotwodifferentsituations，nonequilibriumandequilibriuminapproxi

8、mationInanapproximateequilibriummarketassetpriceisprovedtoequaltothesumofthediscountedcashflowsOVeritslifetimenemeritandfaultareexploredwhiletakingearningsmultipleasallindexinvaluatingastockandwearguethatthesynthesizedre

9、turncoinedbyusinsteadofearningsmultiple，appearssuperiorTheconclusionsCanexplainsomefactsinfinanceandgiveareplytothecontinuingcontroversyOVersomefundamentalfmancialproblemsForinstance，aremarketsefficientorarbitragefreeHow