An Empirical Research On Macro And Micro Factors Of China's Stock Prices

Under the background of the enormous influence of the domestic and foreign monetary assets price fierce fluctuation to the entity economy,it is necessary to discuss the influencing factors of the property price from theoretical and empirical perspectives, so as to take the proposed measures by the management department. Taking Stock price as a typical and special representative of the financial asset price,it inevitably determined by its macro and micro factors, for the relationship between them is very complex. For that matter, it is necessary to do a systematic empirical study on the macro and micro affecting factors of stock price respectively.This paper has reviewed the relevant domestic and foreign literature on the stock price from macro and micro perspectives firstly. And then,we do empirical analysis on macro and micro factors respectively. From Macro perspective, we take the method of Cointegration Analysis and Granger Test of Causality,and it comes to the conclusion that there is a long-term equilibrium Cointegration relationship between the stock asset prices and the macro economic variables and exists certain causality relationship among them;For the Micro perspective empirical analysis, that is by the method of using Factor Analysis and Multiple Regression Analysis,we get the result that chinese stock market still stays at the weak-efficient stage.