Empirical Analysis Of The Impact Of Macroeconomic Factors On Stock Prices

China's capital market is at a crucial stage of transition now. In response to three major tasks of the stock market: share reform, the listed companies debts, securities companies to comprehensive management, have basically completed .All of the people of china is speculating craze.People depend on the price of the stock position in the stock was expected receipts and bank deposit interest rates to two factors. It is proportional to the former with the latter is inversely proportional. While share prices and a strong stock market by the impact of the supply-demand relationship, when the stock market oversupply, it is "bear market" characteristics, stock prices decline; Otherwise it would show "bull market" characteristics, higher share prices. Many economists believe that the stock price of the domestic economic situation and has maintained close relations. They attributed the stock price volatility environment for the economic changes that the stock price volatility mainly by the economic cycle, monetary supply, the rate of inflation, company performance, and other economic variables decision. Some Empirical research also supports the view that the impact of these factors in the stock price movements play an important role. But most research is focused on single stocks and changes in the pricing, and the impact on the entire stock market lower. This article holds that the study of changes in the stock market as a whole is the focus of our study.This article holds that the stock market, share prices is virtual, it depends on the level of market acceptance of its extent. And this recognition of the price of the shares on the formation of supply and demand. Regardless of the factors affecting the stock market what is its ultimate form of the supply and demand of stock, and bring stock prices rise or fall. Therefore, the study of the whole stock market price factors, we must first consider these factors on the supply and demand of stock What impact, and then examine these factors on the stock market price movements.This paper outlines both at home and abroad has some theories on the basis of research results, absorb and learn from the effective methods of empirical research on the impact of stock prices macroeconomic factors analysis, interest rates, exchange rates, tax rates, investment in fixed assets, price index, money supply volume, stock supply, and so is the impact of stock price factors. Before the establishment of a multi-linear regression model, but do factors such as money supply and stock prices of correlation analysis. By analyzing the relevance of findings from the model get rid of tax rates, investment in fixed assets such as impact on small or no impact at this stage of factors. Application SPSS then do regression analysis shows that equation, after the screening. We have chosen the model of three factors: the money supply, stock supply, price index. These three factors that affect May 2005 to May 2007 the stock price index, the most significant factor. Finally, the study results are summed up, and gives policy recommendations.