股权分置改革后股票市场与宏观经济关系分析

Study on the Relationship between Chinese Stock Market and Macroeconomic after Non-tradable Shares Reform

运用邹氏参数稳定性检验,发现股权分置改革前后股票市场指数与宏观经济变量发生了明显的结构性的变化,参数是非稳定的。要实现股票市场发展与经济基本面、股市波动与宏观经济运行状况相关联,真正实现股票市场"晴雨表"的功能,积极引导资源的优化配置,须进一步完善股票市场的运行机制。

Through the Chow test, we found that there is great change in stock market index and c variables after the non-tradable shares reform, these parameters are lack of stability.To realize the relation of the development of stock market and the economics basic aspects, and the fluctuation of stock market and the situation of macroecomics, realize the function as the ＂weather glass＂ of the stock market, and lead to the optimization distribution of resources, we should perfect the operation mechanism of stock market.