A Study On "Policy Stock Market" Of The Chinese Stock Market

The development of any stock market is inseparable from the guidance of the administration. However, because of the special background of the China's stock market, the government control the stock market to achieve its policy aims through the administration of frequent policy interventions, Which has led to the phenomenon of "policy stock market", "policy stock market" constraints on the process of China's economic reform, Although China stock market in the special stage had made contributions to the Chinese economy, because of the exist of "policy stock market" phenomenon, China stock market has not given full function of "effective allocation of resources for economic development services", Therefore, study on " policy stock market" of China 's stock market is not only of theoretical significance, and of great practical significance.This paper has studied the causes and the characteristics of "policy stock market" of China's stock market, verifying the truth of "policy stock market" from the quantitative point by using the ARCH models and then analysis through the model data to get a conclusion that the trend of "policy stock market" has weakened .On this basis, analysis the reason for the weaken trend of "policy stock market", and finally make relevant recommendations.