  A phenomenological investigation of the endogenous and exogenous dynamics in
the fluctuations of capital fluxes is investigated on the Chinese stock market
using mean-variance analysis, fluctuation analysis and their generalizations to
higher orders. Non-universal dynamics have been found not only in $\alpha$
exponents different from the universal value 1/2 and 1 but also in the
distributions of the ratios $\eta_i = \sigma_i^{\rm{exo}} /
\sigma_i^{\rm{endo}}$. Both the scaling exponent $\alpha$ of fluctuations and
the Hurst exponent $H_i$ increase in logarithmic form with the time scale
$\Delta t$ and the mean traded value per minute $<f_i>$, respectively. We find
that the scaling exponent $\alpha^{\rm{endo}}$ of the endogenous fluctuations
is found to be independent of the time scale, while the exponent of exogenous
fluctuations $\alpha^{\rm{exo}}=1$. Multiscaling and multifractal features are
observed in the data as well. However, the inhomogeneous impact model is not
verified.
