Generally speaking , this paper studies the theoretical framework of accumulative cost effect of china ’ s capital market with modern statistical and econometric methods in terms of rational expectation theory and any other related theories . upon this framework , this paper makes use of real data of china ’ s securities market to analyze the problems of financial risk ; bubble economy and stock market cycles that are caused by accumulative cost effect 具体说就是，利用现代统计方法、理性预期理论、计量经济方法以及相关的理论与方法对我国资本市场中的累积成本效应进行充分的理论探讨，在此基础上利用我国证券市场的实际数据，重点对由累积成本效应所引致的金融风险、泡沫经济、股市周期等问题进行实证分析。
