Measurement Of The Macroeconomic Variables Of China’s Stock Index Cointegration Analysis

From November26,1990since China Shanghai stock exchange and the Shenzhen stock exchange has set up, China’s securities market has experienced23years of development history, in continuous exploration and improvement of continuous progress, market scale of the rapid expansion of infrastructure and normative degree to rise stage by stage. Securities market expansion for the promotion of guide social investment, promote enterprise’s decision and get more return and for government policy formulation and implementation to provide reference. Factors affecting the stock price is macroscopical economic situation, but also the industry policy changes and financial stocks data quality, however domestic and international public opinions are divergent. On the stock market research, scholars from the individual variables on the stock index are studied, after all our country emerging stock market macroeconomic variables and stock market relationship has not form unanimous conclusion. Therefore, this paper on the basis of the existing research, according to the research variables form a system sets out, research index relationship, through cointegration method to conclude, from the" three carriages" angle to form the policy proposal. Analysis of the macroeconomic impact factors.1. In this paper, the theoretical explanation of the stock price formation, the Shanghai index is not affected by a single variable impact, to analyze the main macroeconomic variables affect the principle of the Shanghai Composite Index, the stock market is an economic "barometer", from an economic development The driving forces were analyzed. Empirical analysis of the Shanghai Composite Index and the main macroeconomic variables.2. Selected statistics used in nine of the variables, cointegration measurement with the Shanghai Composite Index, an empirical analysis of data from March2004to September2011, through one of the cointegration relationship, the formation of conclusions and policy recommendations.3. The problems of China’s stock market has put forward some ideas and the formation of policy recommendations. The conclusions reached in this article provide a reference for government stock policy and economic development, stabilize the stock market and investors rational investment to provide a basis on the business strategy changes.