对期权定价模型的一类拓展模型-随机波动率(SV)模型,由于模型中存在不可观测的随机波动因素,并且其精确似然函数很难得到,于是提出了一种基于标的资产价格历史数据的有效矩估计(EMM)方法,此方法是把观测数据映射到简化的辅助模型GARCH(1,1)上,并计算辅助模型得分用以建立矩条件,实现SV模型参数的有效估计.利用这一方法对中国股市进行了波动分析,得出了较好的结果. Because of the unobservable stochastic volatility in the model, which is a kind of expansion model of option pricing model, and the exact likelihood function is hard to obtain, a new model based on the underlying asset price history data (EMM) method, which maps the observed data to a simplified auxiliary model GARCH (1, 1) and computes the auxiliary model scores to establish the moment conditions for effective estimation of SV model parameters A method of volatility analysis of China’s stock market, obtained good results.