The Study On The Relationship Between Chinese Stock Turnover Rate And Stock Market Cycle

The stock market of China is not yet a mature, effective market, the turnover rate and P/E ratio is relatively high, and the stock market showed excessive speculation, frequent and acuteness wave motion characteristics. The stock market of China is only only two decades of history, has experienced the phenomenon of multiple crash boom, crash frequently, unusual financial signs are everywhere. In this case analysis of Chinese stock market, has not confined to the use of efficient market hypothesis and the hypothesis of rational man as the foundation and to build up the modern investment theory. Therefore, turnover rate from the micro perspective to the analysis of China’s stock market operation rules, apparently not only for our capital market has its important practical significance, and especially in the international financial market integration in the case of protecting national financial security, prevent the stock market crisis has more special and important practical significance.This paper is divided into five parts. The first part is an introduction, mainly elaborated on China’s turnover rate and the stock market cycle relationship analysis of the purpose and meaning, and introduces the research methods and innovation. The second part mainly narrated our country stock market turnover rate characteristics, and the use of behavioral finance theories of turnover rate present situation origin explained; also from the turnover rate of the cumulative effect of this point of view, derived from the turnover rate and the financial crisis of the relationship between the boundary. In the third part of monetary policy as a link turnover rate and stock market cycle medium, use econometric method and graphic method for the supply of money and turnover rate and stock market cycle relations are discussed. The fourth part is the focus of this article, using a lot of real detailed stock market data on China’s stock market turnover rate and stock market cycle is fluctuant relations for VAR based econometrics model, and the use of stock analysis method to further prove the stock price fluctuation cyclical characteristics. Finally, around how the high turnover rate in Chinese stock market under the financial risk guard question, from a different point of view put forward concrete measures to solve the.As a result of the stock market in the most basic relation is the relation between price and volume, so looking at the current domestic and foreign research, the study of stock market are almost always in stock price as the core, on the fluctuation of stock price and volume relationship has been a problem for a large number of research results. Comparatively speaking, on the stock market turnover of less. While the stock market cycle research, mostly focused on the macro economic policies and the relation between stock market cycle. In this paper, the turnover rate and the stock market cycle is associated, is still a relatively new topic, will the stock market cycle and financial crisis research offers a new perspective.