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영어

Any country in the world, stock price fluctuations are affected by many factors, including economic development, macro-level factors such as economic cycles, industry development, the quality of listed companies and other financial factors at the micro level, I consider that the China’s stock market price fluctuations have been affected mainly by “policy” factors. Therefore to understand China stock market structure characteristics, we need to study the relations between stock market price fluctuations and “policy” factors, it have an important meanings. In the research of policy effect, the policy has the special meanings. First, it considers the stock market, Second it considers the capital supply, stock supply; interest rate adjustments; tax policy; trading rules ; media statements; market regulation; general regulations; market rules. The policy effect means that the government, the investors and the speculators use the characteristics of “policy market” by purposely and by intentionally, and then produced market results. If describes the sensitiveness and responsibility of policy to the stock market: no policy effect; not enough policy effect; much enough policy effect; adequate policy effect. The paper introduced the development process of China stock market and the classification, the China stock market can classify by listed region, by profit and asset distribution, also by business achievement. The paper use two methods and measure the policy effect in stock market. One measurement is the effect of policy quantification to the stock price; the other measurement is the effect of policy quantification to the stock market index. This paper selects the policy event sample from 1994 to 2010, in the Shanghai stock market, and calculates the estimated area fluctuation rate, the fluctuation rate of pre-event, the fluctuation rate of after-event, the abnormal fluctuation rate of pre-event, the abnormal fluctuation rate of after-event, and use the event study method, analyses the effect of policy to the stock market price fluctuation, and finds that the phenomenon of policy weakness exists in the china stock market. At last, this paper is put forward the suggestions on the institutional and policy: government to protect the investors interests as the basic principle; the government should perfect policy decision of a series of procedures, And hold an open, transparent, efficient idea and concept , Only in this way can reduce the policy on influence of the stock market price fluctuations, and make China stock market healthy and stable development.