本文基于连续双向拍卖交易机制，借鉴价值投资和技术分析两类交易者行为的通常划分与定义，建立了异质性价值投资者的股票市场模型，并对模型进行计算机模拟和分析。结果表明，该模型能够在一定程度上反映真实金融市场中的典型事实，包括价格与收益率的波动聚集、收益率分布的尖峰厚尾和有偏性等，但模型中收益率和绝对收益率均具有显著的一阶自相关，且在二阶以上几乎不具自相关性，这和收益率不可预测性及绝对收益的长记忆性等典型事实存在较大差别。总体而言，模型结果呈现了部分金融市场典型事实，并为审视两类交易者对于市场的作用提供了间接视角。

In this paper, by basing on the continuous double auction mechanism, and referring to the usual classification and definition of Fundamentalists and Chartists, we establish a stock market model only involving heterogeneous value investors, and conduct computer simulation and analysis of it. The results show that this model can in some extent characterize the stylized facts in the real financial market, including volatility clustering of price and returns, leptokurtosis and fat-tail and asymmetry in the distribution of returns, but the result of significant first-order autocorrelation and almost no autocorrelation above two lags are quite different from the unpredictability of returns and the long memory of absolute returns. Overall, this model is presented of parts of the stylized facts in the real financial market, and offers an indirect perspective on the role of the previously mentioned two types of trader.