China Stocks, Bonds And Real Estate Market Gains Related Research

China Capital market growth over two decades has coincided with a period of rapid development and the stock and bond market play important roles as part of the capital market. Their respective resources determine the optimal allocation of the efficiency of the entire financial market. This paper tried to explore the relationship among China's stock market, bond market and real estate market, and also to explain the mechanism of interaction among these three market return. Articles start with theoretical analysis, based on APT arbitrage pricing theory model to analyze the impact of these three common factors of the market extracted rates of change in CPI (inflation rate) and interest rates, as the market returns of the three common factors, three markets in turn related to multi-factor model.Based on the model and theoretical analysis, the paper also carried out empirical quantitative analysis, tried to answer the two questions, First, interest rates and inflation rates for stocks, bonds and real estate market, how the relationship among them, the second question is, stocks, bonds and real estate market that the correlation between the three markets is how. Concrete and empirical way from the unit root test and co integration test start, the stability of the data were judged, then use the Granger causality test model to analyze the causal relationship between the three markets, namely, to determine whether fluctuations in the two cities each other fluctuations of the reasons, on this basis, also through VAR model of the three market returns were analyzed. This article attempts to studying the stock market from a new, puts forward the way the relationship and bond, for such real estate and capital market of China's reform of the major theoretical issues and concerns to give a preliminary discussion, which addresses three market regulation and the size of the structural imbalance other important issue has practical significance.