Macro-policy Interventions In The Stock Market Volatility. Effect Analysis

The stock market of Shanghai has undergone more than ten years of development, has already begun to take shape, but compared with the ripe stock markets of foreign countries, it remains a new developing stock market. A prominent characteristic of the stock price is violent, frequent volatility during the evolution of Shanghai's stock market. It's no doubt that excessive volatility of price to promote Shanghai stock market swift and violent development in initial stage playing a positive role, but one should see even more is the negative influence that the excessive volatility of the stock price produced, which undoubtedly twists the price mechanism of the stock market, and makes the stock price unable to reflect the inherent value of the listed company. The volatility has hindered the stock market effective from optimizing of resources distribution seriously, which also have hindered the further development of the stock market of Shanghai. Just because of this, the departments of stock market supervising regard it as a main duty to control the excessive volatility of the stock price for a long time, in order to maintain the normal running order in the stock market. In addition, our government implements the policy to intervene the stock market consciousness. The purpose of the policy intervene is to control the stock market according to the volatility of the stock market situation, making it run in the range that the government expects. However, the macroscopical policy intervention can aggravate the volatility of the stock price in a certain extent. Then a very important question will be raised in this situation: how the macroscopic policy will have influence on stock market and to what extent such influence does happen? In other words, this paper just wants to focus on analyzing macroscopic policy effect on China stock marketThere is very important theory meaning and realistic meaning to study this problem. Through studying, it can not only reveal the function mechanism of the macroscopical policy on the stock market, but also offer the basis for necessity that the macroscopical policy of the stock market is implemented according to its function characteristic of mechanism. Moreover, according to the conclusion of studying, it can offer suggestions on how to implement the macroscopical policy of stock market intervention.This paper will research the effect of macroscopical policy in the volatility processs...