China’s Stock Market Maturity Evaluation

As "Software Capability Maturity Model(CMM)" and "Project Management Maturity Model(PM3)" had been accomplished, the concept of "maturity" had been widely used in many fields. The domestic and foreign scholars on the study of the stock market have been comprehensive, even covered the liquidity, volatility, effectiveness, transparency and disclosure of information of the single aspects of qualitative and quantitative analysis, and the correlation between stock market with economic growth and stock market bubbles and so on a single perspective of research.But on the question of "maturity", we still do not have a systematic and integrated framework or method, the concept of "maturity" is rarely introduced in the whole theoretical framework of the stock market. However, only put all the influence factors of the stock market in a comprehensive considerable framework in system from the overall, can be more thoughtful, intuitive, measurable to evaluate the development of the stock market degree and the operation condition scientifically, so it is an important subject worth exploring.In this context, studies on the problem of the maturity of the stock market are both innovative and practical: firstly, the stock market is often talked about on the roads, but relatively few scholars research on its system, this kind of blank highlights its precious academic value; secondly, only from the angle of maturity and the height of the development situation, the policy made by government is feasible, the effect of the implementation worth consulting, the result of the test is comparative, the direction of adjustment is clear.In the process of theoretical analysis of maturity, the influence factors of the stock market maturity can be divided from micro and medium on the synchronization analysis into four aspects: size, quality, function and the quality of listed companies. At the same time,learn from other industries maturity index system, and make an international comparison, it is necessary to combine our country stock market maturity evaluation system with the principle of index selection preliminarily determine the purpose of the evaluation standard, as far as possible from the perspective of quantitative analysis of the maturity of the stock market in our country, and then the relevant data of Chinese stock market were selected to determine the final evaluation index.In quantitative analysis, this paper has used factor analysis to determine the weight of each index, and combined the three theoretical and empirical analysis method to determine the standard of the Chinese stock market maturity evaluation, thus to build the Chinese stock market maturity evaluation model.Finally, this paper has used maturity evaluation model on Chinese stock market from 2004 to 2013. It is concluded that Chinese stock market is still in the stage of emerging transition to a transition of the appraisal conclusion, and according to the score model respectively explained the problems existing in the stock market in the development process of various aspects. At last, it proposes the corresponding guidance. Hope this paper can promote the stock market’s maturity, improving the efficiency of the stock market to provide rational theoretical basis and practical and feasible policy suggestions.