The Research Of The International Oil Price Impact On China’s A-share Market Prices

This paper combed the relevant literature, when reviewing the existing related literature at home and abroad, found that foreign scholars basically reach the international oil prices leads to the conclusion of the recession, they by selecting different sample types and indicators, using different model are studied, the results found in the international oil prices will give a negative impact on the macroeconomic. Some scholars put forward ideas opposed, changes in the monetary policy should be the negative impact of macroeconomic is more responsibility, rather than a rise in oil prices. In other words, the international oil price won’t be a direct impact on the macroeconomic, but indirectly through influence monetary policy to achieve the impact on the macroeconomic, that is to say there is a connection between. But in studying the impact of international oil prices on the stock market, foreign scholars mainly by selecting different types of samples and indicators, using different model research, on the research conclusion, there is also a major controversy, mainly because of different industries, different countries, different times of the results will vary. Existing domestic research relative lag, however, did not explain theoretically on the impact of international oil prices on the stock market transmission mechanism, the combination of theoretical analysis and empirical analysis, on the choice of data and variables, is more in a wide range of industries through the choice of the data, data before and after the share reform, on the one hand, the variable scope to cover are limited, not very good on behalf of our country’s stock market; on the other hand, compare the differences between before and after the share reform, rather than a good comparison after the completion of the share reform, China’s stock market in extreme changes and relatively flat period to respond to the international oil price difference.In considering these deficiencies of existing domestic research, research ideas and methods of the scholars at home and abroad for reference, on the basis of this choice has full refers to on behalf of the Chinese a-share market price, in comparison, the broader, more representative; and the combination of theoretical analysis and empirical analysis. Based on the international oil price on China’s a-share market price as the research object, first analyzes the operation characteristics of the international oil market and the stock market of China, for the subsequent theoretical and empirical analysis, policy recommendations. About this part of content mainly includes reviewing the history of international oil price fluctuations, as well as the running characteristics of the international oil market, and then from the perspective of history, to understand the development of Chinese stock market, as well as some characteristics in running. However, the stock market in China started relatively late, though in the laws and regulations, system construction, operation and management has been gradually perfect, but compared with the mature stock market in the west, is still in the period of relatively young, so the influence of international oil price on Chinese stock market is also in theory, such as general has yet to be to verify, to understand the running characteristics of the stock market of China and perfect our country stock market development is of great significance.Next, the first international oil prices are analyzed theoretically based on the path of the real economy and financial markets linkage impact on the stock market, and this effect has the rationality of the existence, then from an empirical test on the international oil price on China’s a-share market price whether such as the effect of general theory, by using a series of time series analysis method is studied, the results showed that the international oil price on China’s a-share market price is not as general theoretically, the influence of may by the high degree of security administration, equity structure, the stock market in China has defects, speculative and banker, stock prices and macroeconomic deviating, the influence of such characteristics show that Chinese stock market compared with the mature stock market in the west there is a big difference, need further perfect. Finally, according to the analysis of the full text of this article research conclusion, based on this, advances some policy suggestions of perfecting our country’s stock market.