摘要:这篇文章阐述了分形市场假说的基本理念。对我国上海证券市场的分形结构从2001 年到2009 年进行了实证分析。结果表明：上海证券市场具有明显的分形特征和持续性，股票的收益率不符合随机游走过程。股票收益率序列不是独立的，具有约25 天的长期记忆性。
Abstract:This paper elucidates the basic principle of Fractal Market Hypothesis and analyzes the fractal market structure in the Shanghai Stock Market from 2001 to 2009．The finding indicates：Shanghai stock market has obvious fractal characteristics and persistence．The stock return is not in accord with random walk process．The stock return series is not independent，and it has long-term memory about twenty-five days．
一、分形市场假说
二．R ／ S 分析法
三．实证研究
3.1 数据处理
........
参考文献
