自1995年Stanley等人在Nature上发表论文，对股票市场高频的精细数据进行分析，认为价格收益率的概率分布是尾部截断的Levy分布以后，物理工具在金融领域的应用获得学术界的高度关注。众多金融学者也开始逐渐利用理工科工具去分析、量化金融概念。

鉴于中国的金融市场建立较晚，机制尚不完善，所以会出现很多并不符合西方经济学原理的现象，例如股票收益率与波动率之间的反相关关系：反杠杆效应。作为只在中国股票市场存在的“特例”，对反杠杆效应的研究将有利于对中国金融市场动态变化、国内投资者心理行为的进一步理解，从而更有利于对整个金融行业的管控。在本文中，将会先简单介绍杠杆效应的概念和产生的原因，利用物理学的部分数学工具来分析、对比中外股票市场波动行为的差异，尝试给出理论和数学模型上的解答。之后，重复计算前人的计算过程，再一次判断中国股票市场的动态行为类型，得出完全不一样的全新数据，在此基础上拟合进一步深入分析，将股票分类以此评估各自相关程度的显著性。

Since 1995 Stanley published their paper in nature about minutely data with high frequency on the stock market that the probability distribution of price returns was the tail of the truncated Levy distribution, financial physics has gained high attention in the academic circles. Many financial scholars have begun to use scientific and technological tools to analyze and quantify some concept of finance.

By the virtue of immature mechanism in Chinese financial markets, there might be a lot of phenomenon which western economical theories couldn't explain the root cause, such as the relationship between the return and volatility: leverage effect and anti-leverage effect. The study of this problem will be helpful to the further understanding the investment behavior of Chinese stock market. In this paper, initially, we will briefly introduce the concept of leverage effect and the origin of it. Then we will compare the differences between two countries' market about the volatility of the stock market behavior by using several mathematical tools from physics, giving the expression on mathematical model. After that, we will re-calculate current data in Chinese market by using the same equation to judge the level of dynamic behavior in China. Finally, according to the totally different new-results, the data will be calibrated and plotted for the deeper analysis, and the stock will be divided into two types for evaluating their degree of prominence.

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