Impact Of China's Stock Market Policy, Policy Instruments And Effects Analysis

Our country's stock market has passed through more than 10 years, begun to take shape and become the important domestic financing channel. The stock market is more and more important in the national economy status. Unfortunately, the Chinese stock market has become a well known "policy market".The stock market policy becomes the factor that affects the stock market's running direction, running rhythm, even running order. The stock market policy manifests the government's basic attitude to the market's running and developing direction .The government takes use of the stock market policy to adjust the stock market whose original intention is to let the stock market running more reasonably and steadier, but the result is that the stock market's undulation, sometimes even causes the market movement to have the directive change. Therefore, how to effectively use policy ? How to grasp the policy's effect? How to grasp the market fluctuation rule and to make the stock market policy play a role to stabilize and to develop the market becomes a problem which we need to explore, also a problem which this article attempts to resolve.This article at first analyzes our country stock market's character, because the stock market's character is the premise that stock market policy effect character works. The Chinese stock market's development is following the economic system reformation, specially the state-owned enterprise's joint stock system reformation .It is to resolve the state-owned enterprise's fund problems. The Chinese stock market was the market, which was established in the economic system switcher time and develops, the uncertainty of economic system which the market depended on determine itself instable and imcompleted. The Chinese stock market lives and develops in the crack of the administrative authority and the market mechanism. This kind of character causes the Chinese stock market to have the serious system flaws. Beside the supply and demand factor decision, our country government and investor's behavior is playing the enormous role to the stock price decision mechanism. The Chinese policy market's development of more than 10 years already caused the government and its departments become the benefit relative body in the stock market, the government sometimes becomes a non-idle hand. But the investor always is pursuing the government policy, and forms the gambling match with the government.The stock market policy is refers the pointed policy measure or its combination which are for the purpose of affecting the stock market,including the change of transaction system, government's attitude, adjustment of supervising strenth, regulating the market stock and the fund and the tax policy regarding the stock market part, even sometimes including the pointed rate adjustment. There are two kinds of function for stock market policy function mechanism, the direct action and indirect affects. Stock market policy tools can be divided into two kinds, quantitative policy tools and non-quantitative policy tools, according to policy whether may be estimated or accounted.This article, at one aspect, mainly describe the stock price how to reflect the policy by positive analysis in the Chinese stock market. In this part, we don't differentiate policies and look upon them as the same kind. At the other aspect, we study some kinds policy tool in the basis of classify, mainly choose the revenue stamp tax rate adjustment, interest rate adjustment and commission adjustment.The goal lies in using the feedback mechanism to construct a stock market policy system, making the stock market policy tool be one kind operational tool , being variable to regulate the stock market movement indirectly and reducing non-controllable factor influence.