Research On The Impact Of Macro-Economic Management On Stock Price

The real estate industry is an important part of the whole national economy which is closely related to social development. It not only promotes the progress of our country’s urban construction and the change of the urban landscape, but also improves the living level and quality of the urban residents. Therefore, the sustainable and healthy development of the real estate industry is of great significance for national stability and economic development. Real estate listed companies occupy very important position in the whole stock market, and the fluctuation of stock price have a significant impact on related industries.Therefore, real estate listed company, to a great extent, represents the prospect of real estate industry in our country. In order to prevent overheating in real estate market, the government introduces a number of macro-control policies. And these policies influence the real estate market through the property stocks. Therefore, the research on macro-control policies in our country which has an impact on stock price of real estate listed companies is very important.First of all, this paper analyzes the main content of the macroeconomic regulation and control policy and its transmission mechanism, including monetary policy, fiscal policy, administrative means and legal means. After study China’s real estate macroeconomic regulation and control policy, we divide it into 4 periods as the important basis of empirical research.On the basis of theoretical research, this paper carries on the empirical study with event study. The results show that:in short term, the real estate macroeconomic regulation and control policy has a significant impact on stock market and it has short-term impact effect and certain expectations; in long term, the effect on stock market is not obvious.Finally, combining with the above conclusion, this paper provides relevant policy suggestions for the government. Through increasing supply, guiding demand, improving housing security system and strengthening the policy enforcement to promote the healthy development of the real estate market, and ultimately promote comprehensive, balanced development of our national economy and society.