译文（字数 3117）：

金融市场的波动往往表现出有序性，也就是说市场可能处于一种更具有一般性，普遍性的非均衡状态。非均衡状态是系统发展、进化的必要条件,一个开放、发展和进化着的系统往往是一个非均衡系统,均衡往往意味着静止和死亡。波动率在金融经济研究中是非常重要的变量,投资组合选择、资产定价(包括原生资产和衍生资产)以及风险管理等都离不开对波动率的准确度量。金融波动往往表现出波动集聚性。………………

外文原文（字符数 10032）：

外文出处： Ederington L H,Guan W. Is implied volatility an informationally efficient and effective predictor of future volatility[J]. Journal of Risk,2002

Financial market volatility tends to show the differentiation, meaning that the market may be in a more general, universal and non-equilibrium state. The non-equilibrium state of the system is the necessary conditions of system development and evolution of the system. A non-equilibrium system and balance often means static and death. Volatility in the financial economic research is a very important variable, portfolio choice, asset pricing (including the original assets and derivative assets) and risk management and all of the………………