| This paper research the phenomenon of price linkage in our country stock market. Stock price linkage phenomenon is not unique in our country, but the price linkage phenomenon is particularly evident in Chinese stock market. Abroad also have the phenomenon of price linkage.The scholars have done a lot of researches, and formed some theories to explain the linkage of the share price. These theories can be divided into two pie, one from the perspective of fundamental research, another study from the perspective of behavioral finance. The effect of stock pricelinkage in China, compared with the linkage effect of the foreign stock market, is stronger. Through the empirical analysis behind, we confirmed that the Chinese stock market does exist in strong linkage effect, linkage effect between industry groups is strongest, and then the linkage effect between individual stocks is significantly weaker than plate linkage effect.Analyzed the linkage effect of the stock market, then research the bellwether stock in the plate rotation.This part mainly is the empirical research. Empirical analysis points out that the bellwether stock most probablely emerge in the plate rotation. Bellwether stock has demonstrative effect and leading effect.It’s important for investors to study bellwether stock.Through the empirical analysis behind, We find that correlation analysis is usefull in finding bellwether stock. Stock market investment in actual is very complicated.We need to study many factors when we invest bellwether stock.The innovations of this paper contain the aspects as follow,topic selection, research angle, research train of thought and research method. Previous studies mostly stay in the share price linkage effect.This paper studies the bellwether stock in the plate rotation. It’s important for investors to study bellwether stock.Previous papers rarely use correlation analysis to study stock market linkage effect.This paper use correlation analysis to study stock market linkage effect. |
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