| Stock market is a place where stocks are issued and exchanged. Stock market is a complex economic system, which involves listed companies, investors, intermediate agencies and supervisors.After more than ten years' development, China's stock market has grown from a small pilot-market to a large-scale one. Although some problems have appeared in the period, the general development tendency of China's stock market is favorable. The role of stock market in national economy has become more and more important.Supervision, which is essential to the development of the stock market, guarantees the sustaining and stable development of the market. China's security supervision, growing with the stock market, has experienced a relatively hard course. Like the U.S, China has built a centralized supervision system. At present, China's stock market is still in its initial stage, hence, the supervisors not only regulate but also develop the stock market. The characteristics of China's new stock market lead to government's strong intervention to the market, however, the intervention is reasonable.The role, played by the Chinese government, results in the government's direct intervention to the stock market, which considers multilateral interests and brings a "policy market" to the stock market. "Policy Market" means the fluctuation of the stock market is very sudden, frequent and furious. The actual analysis indicates that the stock fluctuation of our country is mostly related to the direct policy control, and it is the biggest systematic risk in the secondary market.With the further development of China's stock market, the stock market has become more and more mature. As a result, the supervision becomes less administrative, but more standard and market. Furthermore, the increasing improvement of the supervision and China's legal system enable China to have a more stable basis for employment of legal andeconomical means to supervise the stock market. From the government's guideline and supervision policy of this year, we have delightedly observed the stock market is speeding up its standardization and marketization. The "visible hand" is changing to "invisible control", which will promote the further prosperousness and development of the market.The component factors and participants of the market cause the fluctuation of the stock market. In order to decrease the fluctuation of the stock market to maintain its stable and sound development, passive factors in the system have to be eliminated, legal measures have to be employed to restrict and regulate the participants' behavior. The marketization of the supervision is a strong guarantee of the accomplishment of the task.The research goal of this article is to find out the cause of the fluctuation of the stock market in China, and do a systematic analysis on the occurrence and changes of the cause, then, present some suggestion to the policy makers. The research is based on the detailed and full analysis and accurate statistic.The article consists of four parts:The first chapter makes a brief introduction about China's stock market and roughly discusses the stock market and the supervision, then explains the relation between the development of the stock market and the supervision. The chapter makes preparation for later discussion by identifying the index used to measure the fluctuation of the stock market.The second chapter first discusses the relation between the stock market and its fluctuation and analyses the harm caused by the abnormal fluctuation in the stock market. Then, positive analysis is employed to research the fluctuation in China's stock market in the decades, and gets the reasons for the fluctuation.The third chapter firstly discusses the measures used in the supervision and analyzes the actual situation in the supervision to the stock market. Then, positive analysis is employed to detailedly the study the change of the supervision measures, especially, the legalization andmarketization in China's stock market in. 2... |
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