The Research Of Main Influence Factors On Average Price Of Tradable Shares

China’s stock market have made great progress in both quality and quantity, but discussions on stock market’s imbalanced and unreasonable system malpractice have never stopped. Therefore, it’s very important to study on the characteristics of China’s stock market, and to clarify the internal relationship of China’s stock market, this paper is the study of the main factors that affect China’s stock market.We choose the Total amount of tradable shares as our first factor to analyses. We take the average stock price in Shanghai stock market for the explained variable and Total Stock Circulation for the explanatory variable. According to the relevant theories and methods of econometrics, we introduce dummy variables and establish the econometrics model by using Hviews. We research the influence of the Total Stock Circulation on the average stock price by using ways of long-term analysis and detail analysis. Our research shows that there is a long-term balance relationship between the average stock price and the Total Stock Circulation; The Total Stock Circulation inhibit the average stock price, and the inhibition becomes more and more significant as the amount of the Total Stock Circulation grows; The Total Stock Circulation’s influence on the average stock price restricted by investors’ macro-economic expectation. And this constraint determines the rise and fall of the stock market, but it is weakened by the growth of the amount of the Total Stock Circulation.The monetary aggregates is the second factor in our analysis, the amount of monetary aggregates has a direct impact on the currency that stock market can obtain. In this paper we use the co-integration theory. First, there is a co-integration relationship between monetary aggregates and the average price of tradable shares. Then we draw a conclusion by the method of Granger causality test that the monetary aggregates is the reason for the change of average price of tradable shares, but the average price of tradable shares is not the reason of change of monetary aggregates.The lack of delisting system in China’s stock market is very serious, and the delisting of the stock is extremely rare.The stock market has gradually become the enterprise’s financing place, and lost its investment function. And it’s extremely disadvantageous for china’s stock market’s development. Therefore, establish the delisting system to regulate the stock circulation volume is a pressing matter for the development of China’s stock market.