The History Of China's Stock Market Development

China's stock market is an"Emerging and Transition"which has developed from the stage of"resolute trial or close down in case of failure"throughout the stage of serving for the reform of state-owned enterprises to the current basically completed the reform of the equity division, each stage has obviously sealed with the brand of government regulation. Therefore, the stock market has been known as the"city policy". In the background of the sustained and rapid development of China's macro-economic, the stock market has not become a barometer of economic development. Instead, chances are that it is Reverse operation and being marginalized. At present, In China's stock market, there still exist a lot of market failures caused by immature market mechanisms, there still exist market failure that the government needs to intervene to remedy it to solve the equity division of stock rights. The former needs appropriate government regulation to promote and accelerate the development and maturity of the market mechanism;the latter can be solved only through government regulation. Government regulation has played a key role in the operation of China's stock market, and without the government promotion, there would be no China's stock market. Therefore, Research from the perspective of the history of reform and opening up and development of China's contemporary history of the stock market, we can be sure. Capital markets and the stock market are an important component of the financial market, the government's regulatory mechanism and effects are an important topic that could not be avoided. That is to say, the research into the development history of China's stock market has to be combined with the research into government regulation on the stock market.This thesis takes the beginning of reform and opening up of China's stock market development and evolution of the inspection history as the major research thread; grasp the process of structural transformation in the specific context of government regulation and special forms. Based on the west's current theoretical research on the role of government in the formulation of public policy, and provide theoretical suggestions for government's control over the stock market, from the two perspectives of the"public interest"theory and"interest groups"theory.China's stock market was born in particular economic and the social environment, compared with overseas stock markets, experienced a different market, and its specificity, turbulence, legend is unimaginable. U.S stock markets through the development of the history of government regulation, even though the stock market is generated. There are many other aspects of development and cultural backgrounds are different. But we still draw a lot of enlightenment from the history of America's government regulation in the stock market: a certain degree of government control and influence on the stock market exists in each country. There is no"natural"perfect stock market in the world. Interference and freedom can not be generalized. No matter what the market it is, the"visible hand"and the"invisible hand"are necessary. In regard to From the formation mechanism of the stock market, the formation of a new stock market not only meets the market's own needs, but also has to depend on the promotion of the government, that is to say, the market system building must be and only the government can ensure of the market the fairness and impartiality. While the other stakeholders can not shoulder this task. The focus of efforts to control and the distribution are decided by market development stage of maturity, cultural and historical background and other factors. We found a reasonable explanation it that"appropriate intervention"from a comparative study of normal growth and development of the stock market.Government has had a long-term and rich experience in the stock market regulation. China's stock market experienced different stages of development, government regulation on policy direction and intensity has an obvious characteristics of this stage, and demonstrated track of exploration policy , This paper is accordance with the time sequence of events for the development of China's stock market history and scanning A Stock Index based on the historical volatility of the volatility track statistical data analysis, This thesis is trying to find the intrinsic link between the government regulation and control policy about contemporary Chinese market development.According to the development process of China's stock markets retrospective study of the regulation of behavior, It is not hard to see: Contemporary Chinese stock market"Emerging and transition"historical in the character and extraordinary development in reality of evolution that is not the international model. The government is also in transition, as to economic development of a shareholding system, stock issuance, the operation of the stock exchange theoretical and management experience is very immature, therefore, it is emerging from the government's misconduct. The government misconduct in the performance of their government's position is not only allowed, but government regulation and policy has deviations in the choice and use of tools.Government regulation of the stock market is necessary, but under special conditions of the"Emerging and Transition", the government must regulate the control behavior in the stock market. In light of this situation, the author proposes: First, standardize the government regulation behavior in the stock market. Policy makers must follow prudent principles, policies should be relatively stable, and policy makers should pay attention to policies scientific and transparent and pay attention to the indirectness control policy. Second, the government must monitor the stock market by law, safeguard fair competition in the market and improve nonstandard activities. Further perfect stock and bond law system, the government must be fair and just to provide the necessary services for the market. The government should strengthen law enforcement and improve the various regulatory activities and strictly related listing. Third, establish a scientific monitoring system. Improve the management system, establish dynamic market regulatory mechanisms, strengthen information disclosure mechanism, and strengthen the stock market self-regulation.