China's Securities Market Policy Factors And Volatility Correlation

China's securities market after almost 20 years of development, financing, asset pricing and allocation of resources plays an important role in many areas, but the late start of the securities market and is a weak efficient market, all parties is still immature, showed obvious "policy market" features, policy control often makes a huge price volatility, so the research policy and stock price fluctuation in the stock market for the full excavation of the interaction between macro-economic mechanisms and has important theoretical and practical value.。This paper summarizes domestic and foreign price fluctuations on the theory analyzes the characteristic of the stock market "policy market" Characteristics, and the characteristics of in-depth empirical research, on the basis of effective government regulation of the stock market put forward policy recommendations.The main contents include the following:一,On stock volatility and stock price volatility causes theory summary:The volatility of domestic and foreign scholars to study the academic achievements, as we further discuss the policy relevance of events and stock market volatility provides a theoretical basis.二,Government regulation of several major means of the stock market, and the policy is divided into two types, short-term policies and long-term continuity of discrete policy, and then analyzed two different policies for stock market fluctuations.Concluded that:short-term stock market volatility dispersion of the impact of policies on a more rapid and stronger impact, and long-term continuity of policy is the impact on the real economy through the indirect effects of the securities market.三,Analysis of several features of stock market volatility, and one of the "policy market" characteristics of the empirical analysis, the use of tick identification method to construct the statistic W, W features identified by change in the variance and then identified the 1991-20091ead to greater volatility of the stock market in a major event, on this basis, using the event study methodology and regression analysis to empirical correlation between the two.四,Policy recommendations:In conclusion, based on the previous chapters on government regulation and control policy to make some meaningful suggestions.