Through the empirical test of the economic and stock market price index from 1994-2001.6, this article finds that the price tendency of the stock market in China could reflect the economic status and the future trend,...Through the empirical test of the economic and stock market price index from 1994-2001.6, this article finds that the price tendency of the stock market in China could reflect the economic status and the future trend, thus has the function of barometer, additionally through the normal analysis of the continuing falling of the stock price since July 2001, so, the paper comes to the conclusion that the falling price is the reflection of the weak macro economy and the accelerating recession of the industries, and therefore is a warning of the possible worsened economic tendency. Suggestions are to adjust the macro fiscal and financial policy to prevent the economy from recessing. By the way the article conducts some of the primary analyses of punishments against market defiance and reducing state owned shares, thus to clarify some of the unclear concepts and prevent the misleading of economic adjust ment.展开更多
A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of mar...A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.展开更多
基金Supported by the National Social Science Fund of China(NO.01BJY089)
文摘Through the empirical test of the economic and stock market price index from 1994-2001.6, this article finds that the price tendency of the stock market in China could reflect the economic status and the future trend, thus has the function of barometer, additionally through the normal analysis of the continuing falling of the stock price since July 2001, so, the paper comes to the conclusion that the falling price is the reflection of the weak macro economy and the accelerating recession of the industries, and therefore is a warning of the possible worsened economic tendency. Suggestions are to adjust the macro fiscal and financial policy to prevent the economy from recessing. By the way the article conducts some of the primary analyses of punishments against market defiance and reducing state owned shares, thus to clarify some of the unclear concepts and prevent the misleading of economic adjust ment.
文摘A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.
