Study On The Co-movement Of China And United Station、china And Japan Securities Market

With the rapid development of global ecomomic,international financial market isexperiencing integrated process,the co-movement of international financial market isenhancing,the fluctuation of one country financial market is not only impacted by itself but theaffection of other coutry financial market. This text distinguish prior to the reform of split sharestructure、the reform of Split share structureto the prior to the subprime crisis and after theoutbreak of the subprime crisis as three different periods, we study on the co-movement of Chinastock market and United States stock market, China stock market and Japan stockmarkets,combining theory and empirical, to analyse the co-movement of three country in threedifferent periods.Finally draw a conclusion and make the views to the investors and the financialregulators.The text is formed by five parts: The first part is mainly introducing the researchbackground, purpose and significance, scholars at home and abroad for stock market linkagesbetween theoretical and empirical results.The second part is mainly introducing severalfundamental theories on price co-movement of stlck market and the internal co-movementmechanism in tow stock market. The third part is mainly introducing the internal co-movementmechanism of three country in three different periods and the impact of the Chinese stockmarket’s reform to the United States stock market and Japan stock markets. The forth part ismaking the empirical study on China stock market and United States stock market, China stockmarket and Japan stock markets in three different periods. The fifth part draws the conclusion of the co-movement in two countries to strengthen investor education and protection strengthen itsfinancial supervision.On the quantitative analysis,we mainly use co-integration methods, Granger non-causalitytest and variance decomposition and make the make the summary of comparison on China stockmarket and United States stock market, China stock market and Japan stock markets in threedifferent periods.