Research On Macro-control Mode Of China's Current Stock Market

China's stock market is an emerging market, with its history of more than 10 years. It is the results of the development of China's economics transition. This characteristic decides the unique development path of China's stock market, as well as needing to be addressed in a series of new problems in the development process. One of them is about the choice of China's stock market development path, international, standardized. Theory sector and the domestic industry have little common in this issue. The issue involves the relationship between the government and the stock market, that is to say the choice of stock market's macro-control mode. In this paper, based on China's national conditions, the writer study the relationship between the Government and the stock market, analyze the effects of Macro-control policy on the stock market and give the vision of improving China's stock market macro-control mode.The paper starts with the understanding difference on stock market macro-control between theory sector and industry sector. First sort out the stock market macro-control the basic concepts, the stock market and the need for macro-regulation and control the macro-control point, this study laid the theoretical foundation.On this basis, the history of the stock market operation and the mode of regulation and control and retrospective comparative study. This paper will be summarized in three models: the free market control mode, the appropriate intervention models and the government monopoly control mode. And, in some countries through international and regional government regulation and control the stock market classic cases, the characteristics of different models and patterns. At the same time on the stage of the development of China's stock market, and characteristics of macro regulation and control the course of the evolution of the model described.The paper makes practical analysis on effects of stock market control policy. With analysis, the writer finds that China's stock market reflects insufficiently with good news and always over-reflects with the bad news since 2007.This phenomenon interprets that: the stock market control policy made by our government can't make effective influence, the markets anticipation, China's stock market is less weak effective, the timing of policy issuing is not optimal, and the policy resource is not distributed best.For the development of China's stock market and macro-control of the existing problems in this paper, the improvement of China's stock market macro-control policy ideas. My main view of the current stock market situation and characteristics of China's current macroeconomic situation, the stock market is suitable for the current macro-control policy recommendations.Mainly discussing how to perfect the Marco-control policy in the stock market, the paper makes detail theoretical and practical analysis form several points and angles.The innovative points in this paper are as follows:1. To make several definitions relative to stock market macro-control. Since there are different key points for governments in the world to control the stock market, the mechanisms can be differentiated to supervision one, stabilization one, and crisis composing one. In this paper, the writer believes that it is important to set up the crisis composing mechanism under the marketing free control mode, for the money policy and fiscal policy have already included the stock market policy under this mode. The government moderate controlling mode is to systematically utilize the money policy, fiscal policy and the stock market policy; the supervision mechanism should be set up.2. The paper makes practical analysis on the stock market effects made by governments'momentous policies and draw some independent conclusion. Base on collecting large scale of opinions and cases about the relationship between the stock markets and how the governments to intervene the stock markets, combined with china's practices, the writer researches on the stock market policy effects in recent two years. The results show that, china's stock market reflects insufficiently to good news but over-reflect to bad news after 2007. The paper also make deeply analysis on the reasons why the weak reflection after 2007.