Event-based Analysis Of People’s Daily Article On The Index

since1990Chinese stock market has been the close attention of management. But the early stage of development of the market, there must be a variety of problems. For example, investors immature, irrational market speculation, information disclosure norms, lack of means of supervision, regulatory measures fatigue, leading to abnormal fluctuations of the stock market is often ups and downs, brought serious losses to investors, restricted capital markets sustainable development, affecting the healthy operation of the national economy or social stability. The national policy has an important effect of change in the stock market, the policy of the city has long been an evaluation of Chinese stock market the. importance of visible policy for the stock. Course of the development of Chinese stock market is also a regulatory policy of continuous improvement process. People’s Daily, the national policy is an important pathway, the People’s Daily published articles often on behalf of the State Government, management attitudes and perspectives of political economy, and thus reflects the attitude of countries use administrative means to regulate the economy. People’s Daily as the mouthpiece of the party and government, bear the heavy responsibility of the daily spread to China and the world Communist Party of China and the Chinese government’s principles, policies and claims, including People’s Daily’s remarks, especially the People’s Daily editorials and commentator’s article, is considered to directly convey the voice of the CPC Central Committee and State Council, People’s Daily "is considered to be the first media of news and political economic and cultural propaganda our country at home and abroad, the official newspaper of the Communist Party of China Central Committee, Chinese most prestigious circulation of the largest and most influential national newspapers.People’s Daily published the article on the stock index what would happen? Favorable policies, stock index really will rise in the stock index of the bad policies immediately drop? The impact of policy on the index and how to analyze the "People’s Daily" published an article on the index With these questions in this paper, the event analysis.This article is divided into six parts, the specific structure and the main points are as follows:Chapter1, Introduction section. The This chapter is divided into two parts. first introduced in this article the significance of the topic, followed by the structural framework of the article.Chapter2. literature review. Event study of the application of foreign and domestic applications briefly summarize summarized, pointing out that many applications of the event analysis in the financial markets.Chapter3, the core issue of the event study methodology and its application. This chapter first introduces the principles and basic procedures of the event analysis, define the event and the event window to determine the sampling criteria, it is estimated that the abnormal returns to calculate abnormal returns, and other issues.Followed by a simple analysis of the core issues in the practical application of event analysis.Chapter4of the article descriptive analysis of the impact on the index. The chapter is divided into two parts, the first article, select and collect, this article is to select the "People’s Daily article published in People’s Daily Commentator article, as well as written comments by People’s Daily article, these articles have a policy opinion the representation of the reaction of the country’s current policies on the regulation and control-oriented. Followed by the related article on stock index volatility impact analysis, policy analysis of the effects of the combination of the stock index for each article. Some articles have a significant short-term impact, and some articles of a small control effect can not achieve the policy. This shows that the purpose of management through the "People’s Daily" published in the articles of administrative intervention and regulation has not fully met.Chapter5, empirical analysis based on event analysis. This chapter is divided into three parts, the first concrete steps to event analysis in the analysis of "People’s Daily" published an article on the index. Second event on26specific statistical analysis and statistical tests concluded. People’s Daily published articles affect the direction and control effect on the stock market is radically different in both. Some articles have a significant immediate or short-term control effect, and some articles the effect was not significant, especially the positive nature of the article, the regulatory effect is mostly not ideal, bad article, the effect is stronger than the effect of the positive articles. Finally, the integrity of the test for all events, have carried out statistical tests on all policy and good policy and bad policy.Chapter6, conclusions, recommendations and deficiencies. Previous "People’s Daily" published an article on the stock market can be seen by the descriptive analysis and empirical analysis, a gradual increase in the frequency of our management on the stock market regulation of the use of administrative means, but the short-term regulatory effect gradually weakened, medium-term effect is more obvious, the administrative means to control the effect is limited.