The Empirical Study Of The Relationship Between Shanghai Composite Index And Chinese Macro Economy

In twenty-first Century, the economyis a kind of knowledge based on economy, and it is a kindof financial economy. The essence of economic globalization is the globalization of capital,financial globalization, while the securities market in the financial markets play a decisive role inthe position.The stock market, banking industry and the insurance industry are in the core of thefinancian market status. Contemporary economists agree that, financial industry development on theeconomic growth has enormous leverage effect.The combination of modern science and finance hasplayed the huge role on the development of economy.In a certain degree, it can say, fictitiouseconomy is hypostatic economy catalyst, therefore the modern finance has been the core impetus ofthe world economic growth. also promoted the rapid development of economy, therefore, study thestock market and the macro economy relation between have certain practical significance.Chinese stock market is in a span of20years, harships of all previous classics, changeoperation rules of play fast and loose, elusive, Chinese stock market and the macro economy is aconsistent relationship to a lot of people 's interests. Therefore, the Chinese stock market and themacro economy relation study is very necessary.In the early100years ago the Dow theory is detailed in the stock market and the relationbetween national economy, such as the United States in mature capital market, the stock market tomarket, stock market and national economy is closely related to. The stock market barometerfunction is the basis of writing theory, in the United States, stock index as a macroeconomicindicators, to reflect the national economy situation, can draw lessons from the United States in thedevelopment of the stock market, to study the Chinese stock market and national economy relations,while in China, the stock market degree is insufficient, excessive administrative intervention,corruption too many negative factors and so on many, leading to China 's stock market on thenational economy is reflected not the United States of America stock market on the nationaleconomy reflect, through VAR (vector auto regression) model study of the seven Chinesemacroeconomic relationships between the indices, the first unit root test, then the stationary variables were Grainger causality test, the establishment of VAR model, and test the stability of themodel, based on the VAR model using impulse response function and variance decomposition, acomprehensive explanation of economic indicators and the correlation between the mutualinfluence, find out the existing problems of Chinese stock market, and puts forward relevant policysuggestions.