The Impact Studies Of Macro Events To Stock Market Liquidity And Investment Decision Analysis

Liquidity is one of the important indexes of evaluating a country’s securities market operation quality; it refers to an asset’s ability that rapidly convert into other assets at a reasonable price and lower transaction cost. China is a clear policy market. Information disclosure system is not perfect, the stock market are greatly influenced by the government behavior. In view of this, embarking from the major national economic and financial meeting and introducing virtual variable, This paper, through multiple linear regression model, Box-Cox transformation and semi-parametric model, studies Chinese Communist Party、two sessions、the sessions of the national financial、the Central Economic Working Conference to make sure the event’s impact on China’s stock market. The results show that two sessions has a negative correlation relationship with the Chinese stock market liquidity.The party congress and the central economic conference uncertainly impact on stock market liquidity. For example, the stock market liquidity has negative relationship with the fifth plenary session of the seventeenth, but the other does not have the effect. Based on these results, this paper analyzes investment and gives Suggestions with reference value.