Abstract: This paper presents a new artificial stock market model which is a nonlinear structural model buffeted by dynamic noise，and then investigates the relationship within heterogeneity，noise and market volatility using computer simulation technology.The results show that heterogeneity in expectations and interactions among different type investors can lead to market instability and complicated dynamics.The model proposed in this paper is able to generate these stylized facts present in real markets，and all these interesting qualitative features arise endogenously from the trading process and the interactions of heterogeneous agents.

Key words: computational finance, simulation study, heterogeneous investor, market volatility

摘要： 提出了包涵噪声因素的非线性结构化人工金融市场模型，运用计算机仿真技术研究投资者的异质性、噪声和金融市场波动性的互动关系。结果证实投资者预期的异质性与相互影响可以导致市场的不稳定性与复杂动力学行为，模型能够产生真实金融市场的诸多特征性事实，而且人工金融市场的这些特征都是内生现象，是市场交易过程与投资者相互影响的结果。

关键词: 计算金融学, 仿真研究, 异质投资者, 市场波动