科技股与上海股市的发展实证研究

Empirical Analysis on the Relationship between High-tech Stocks and the Development of Shanghai Stock Market

本文主要从 Granger引导关系的检验入手 ,构造了沪市科技股板块的股指 ,并利用其与上证指数做了引导关系的实证研究。结果表明 :科技股的发展已能带动上海整个股市的发展。另外 ,本文还对研究结果给出了合理的解释。

Based on the test of Granger causal relationship, this paper builds up a stock index of the high-tech stocks traded in Shanghai exchange and tests the causal relationship butween this virtual index and the composite index of Shanghai exchange. The result shows that after a long time development, the high-tech stocks can already spur on the development of Shanghai stock market.