The results of empirical study indicate that the SV models based on the heavy_tailed distribution account more adequately for the features of the return series and volatility of Chinese stock market than that based on the normal distribution.

• 实证结果表明；厚尾分布的随机波动性模型较正态分布的随机波动性模型能更好地描述我国股市的回报与波动性的特征.