| Stock index is a measure of overall market trends and changes in the scale, with a country or region as a whole is closely related economic developments, as well as academic research in the stock market, often associated with the object. Over the years, scholars at home and abroad may study the affect of the stock index and the index of the relationship between various factors of endless. In this paper, we select the Shanghai Composite Index, the Shenzhen Composite Index, the new account number and the final account number to analyze the relationship between China's stock market index and the number of securities accounts. We employed the ADF test, Co-integration test, and Granger causes and consequences analysis. The results showed that the Shanghai index, the Shenzhen index and new account number are non-stationary time series, final account number is stationary time series. Based on these previous tests, Granger causes and consequences analysis is employed for further study to give the forecast results. The primary conclusions are as follows:The Shanghai Composite Index on the guiding role of the number of securities accounts, the Shenzhen Composite Index on the guiding role of the most of the number of securities accounts, there is a special column, the new added number of B securities accounts on the guiding role of the Shenzhen Composite Index. In addition, the analysis of the 126 sets of final dormant accounts and final effective accounts data revealed that the Shanghai index and final dormant accounts have no causal relationship, and the final effective account plays the guiding role of the Shanghai index, while the Shenzhen Composite Index and the two group have no causal relationship between variables. Thus, when the stock market index rose and fell, the securities account number will rise and fall correspondingly. Through this study, it is recommended that securities account management should adjust the policy so as to guide investors make the correct decision. |
PDF Full Text Request